Crude oil price stands at $75.81, down -$1.35 or -1.75%.
The highest price today reached $77.69. The lowest price was $75.35. The lowest was the lowest since June 7. Basically, the summer gloom and weak demand from China are offset by violence in the Middle East.
From a technical perspective, the daily chart shows that the price remains below eight 200-day moving averages at $78.61. This is the seventh consecutive day that the price has closed below this moving average level. It would take a move above this level in the future for buyers to lean further to the upside.
This week’s price will be impacted by the Federal Reserve’s decision on Wednesday and by US employment on Friday. The Fed is expected to keep rates unchanged. Employment data is expected to show a decline in nonfarm payrolls to +177,000 from +206,000 last month.
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