Crude oil settles at the lowest level since March 16

The price of WTI crude oil is settling at $96.23. That is down $5.73 or -5.62% and is the lowest settle since March 16. The price low has moved to $95.90. The high was at $104.02.

Worries about moves toward a recession on the back of tighter central bank policy (including the Fed) are weighing on the demand side of the equation today. Also IEA also announced that members will release 120 M barrels from SPR over the next 6 months which includes the 60M the US announced earlier this week.

Looking at the daily chart, the price low is testing the 50% midpoint of the move up from the August 2021 low at $96.16. That level will be a barometer for buyers and sellers going forward.