Crude prices fell 5.82% to settle near their 200-day moving average, raising concerns over further downside risks.
Crude oil futures settled at $76.05, marking their lowest close since March 3 and a 5.82% decline for the session. The drop brings prices within $1.57 of the 200-day moving average, a level not breached since February 17.
Prior to this decline, the 200-day moving average stood near $62.10. Resistance levels loom above, with a swing area between $77.10 and $78.97, followed by a 61.8% retracement at $79.62. Sellers aim to hold prices below these levels to target further downside.
A break below the 200-day moving average at $73.48 could shift focus to the February 27 close of $67.04, a level last seen before geopolitical tensions escalated in late February.