Crude oil settles down $1.25 at $69.50
Crude oil is settling down $1.25, or 1.77%, at $69.50. The high price for the day reached $71.60, while the low has been extended to $69.22.
The price briefly traded above the 100-hour moving average near $70.40, but the breakout lacked follow-through and quickly reversed.
The failed break above the 100-hour moving average keeps sellers in control. To shift the near-term bias back in favor of the bulls, crude would need to move back above the 100-hour moving average and stay above it.