Crude oil ended the day at $78.68, a decline of $1.36 or 1.70%.
Analyzing the daily chart, the lowest price held above the 38.2% retracement level from the September 2023 high. On the upside, the 50% midpoint of the same range is at $80.15. Yesterday, the price briefly rose above this level but failed to maintain the upward momentum.
Related Topics:
- Iraq’s Oil Exports to the US Increase to 229,000 BPD, Reports EIA
- Oil Prices Rise Slightly on Hopes of China Stimulus
- Oil Markets in Holiday Hold as Rate Cuts Create Uncertainty