Crude oil futures settled at $68.55, down $0.14 (-0.20%) on the day. Prices traded between a high of $69.26 and a low of $67.82.
From a technical perspective, buyers made an attempt to push above the falling 100-hour moving average, currently at $68.77, but the move lacked follow-through and quickly faded. Meanwhile, the 200-hour moving average, now at $69.59, has remained untested and unbroken since June 11, underscoring the broader bearish bias.
For buyers to regain control, they need to break above and hold above both moving averages. Until then, the sellers remain firmly in command.
On the downside, the next key target comes in at last week’s low of $67.04. A break below that level would increase the bearish momentum and open the door for a deeper move to the downside.
