Crude oil futures are settling at $62.37. That is down $1.30 or -2.04%.
The high for the day reached $63.80. The low extended to $62.24. Technically, the price fell below its 200-hour moving average (green line at $63.59) and 100-hour moving average 100-hour moving average (blue line at $62.86).
After a move above the 200-hour moving average earlier this week on the increased geopolitical risks in Russia and Israel, the sellers are taking back more control below the moving averages.
The low price from September 8 at $61.94 is the next target. Below that, and the low price from September 5 at $61.45 would be targeted.