The price of WTI crude oil tumbles to a new session low | Forexlive

The price of WTI crude oil has tumbled lower over the last few hours and currently trades at $76.33. That’s down $2.69 or -3.41%.

Looking at the hourly chart, the price high’s today moved briefly above its falling 100 hour moving average (blue line in the chart above). The inability to get and stay above that moving average line gave the seller’s the go ahead to push to the downside.

The move to new lows has seen the price now extend below yesterday’s low at $76.53.. The price as also moved below the 50% midpoint of the range since the December 9. That level comes in at $76.37.

Earlier today, the weekly crude stocks showed a higher-than-expected build of a 4.14 million barrels versus expectations of 0.376 million. Gasoline stocks were also higher-than-expected at 2.576 million versus 1.442 million expected