WTI crude oil settles at $79.98

Crude oil futures were at $79.98. It is down $-1.2 or -1.53%. The meeting of OPEC will practically take place on Sunday. No changes in production are expected. Russian oil price cap appears to be $60 Russian sanctions also kick in, cutting off all Russian imports. They expire on Monday. So there are a lot of balls in the air that can affect gear. On the demand side, China and its Covid policies remain the wild card for global demand. The weekly price rose by .79% from last Friday’s closing level. Technically looking at the hourly chart, today’s low tested the top of the 100 hour MA at $79.85. The price fell below this level but rose above it. Next week, a move below the 100 hour MA would prompt investors to target the 200 hour MA at $79.05. On the upside, close play levels are 38.2% back from the November high of $81.28, followed by the 50% midpoint of $83.66.

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