Oil Price cannot....Down $-1.14 or -1.54%

he price of WTI crude oil futures settled down $1.14 or -1.54% at $72.91. The price is settling near the lows for the day after trading to a new cycle high of $74.42 earlier in the day. There is some profit-taking ahead of the July 1 OPEC+ meeting.

The low today reached $72.62. The 200 hour moving averages at $72.63. The price bounced off that moving average level as buyers leaned against the risk defining level. A move below that moving average should solicit more selling on the break. There was break below the 200 hour moving average on June 17 and June 18, but momentum could not be sustained. Back on June 21, the low bounced off the 200 hour moving average before spiking higher.