Crude oil futures settle at $69.34 | Forexlive

Crude oil is settling at $69.34. It is down four cents or -0.06% on the day. The high price reached $70.48 the low price was down at $68.80. The low price reached the lowest level going back to June 28. For the year, the price is now down -13.47%. That’s the largest year-on-year decline since 2020, when the price fell 20.54%. In 2021, the price rebounded 55.01%, and last year the price rose 6.71%.

Market participants are now looking forward to the U.S. jobs report due on Friday for further direction in the oil market. The markets are more concerned about global growth.

Remember, however, that lower gas/oilprices do ease inflation fears and tend to increase confidence.

• The average price of regular gasoline in the United States was $3.216 per gallon as of December 6, according to AAA.
• Gasoline prices have been decreasing for 11 consecutive weeks
• This current average represents a decrease of 18.9 cents from a month ago and is 14.9 cents lower than the same time last year.

On the bullish side, last week OPEC+ agreed to deepen production cuts by 900,000 barrels per day in 2024, with Saudi Arabia extending its own million barrel per day cut through March.

AAA spokesperson Andrew Gross anticipates that the national average could drop below $3 per gallon by the year’s end, a level not seen since early 2021.

I just brought up the weekly chart. This week the price is cracking below the 200 week MA at $70.31.It would take a move above that MA to give the buyers some hope. Absent that and $64.36 to $67.00 is the target area.