Crude oil futures settle at $61.57

Crude oil futures settled at $61.57, down $0.46 or -0.74% on the day. The session high reached $64.14, while the low extended to $61.30, putting the market under modest downside pressure.

At the session low, prices tested the 200-bar moving average on the 4-hour chart, currently at $61.18—a key technical support level. Just below, additional support is seen at the 100-bar moving average on the same timeframe, which comes in at $60.45.

A break below these levels would tilt the bias further to the downside, while holding above could keep short-term buyers engaged.

This article was written by Greg Michalowski at www.forexlive.com.