The price of crude futures settled down $0.97 or 1.54% to $62.05 pressured by rising supply and tariff-driven growth concerns.
Last week, OPEC+ surprised markets by adding 411,000 barrels per day in May, while U.S. shale production stayed near record highs.Discounted barrels from Iran and Russia have also boosted Asian inventories, worsening the glut.
Technically, the price low today did dip below the broken 38.2 at $61.63 but bounced off of that level. Earlier today, the price fell below its 200 hour moving average at $62.56. The price will need to get back above that level and the 100 hour moving average at $62.97 to reverse the technical bias.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about crude oil settles at 62 05 was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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