Crude prices fell 0.88% to settle under a key technical level, raising concerns over sustained downward momentum.
Crude oil futures settled at $73.21, down $0.65 or 0.88%, breaking below the 200-day moving average of $73.68. The move marks the first close below this technical threshold since late January, signaling potential weakness in the market.
Prior to this, the last breach occurred in January, with support levels now eyed at $69.20—the gap low from March 2 following geopolitical tensions. Further downside targets include the February 27 close of $67.04 and the 2025 year-end level of $57.40.
Gasoline prices surged earlier this year, peaking at $4.56 per gallon in May before retreating to $3.999 in June after the Iran ceasefire and Strait of Hormuz reopening.