Crude oil future settle at $60.89 down -$0.64 or -1.04%

Crude oil futures are settling at $60.89 down -$0.64 or -1.04%.

Technically, the price attempted multiple times to break above both the 100- and 200-hour moving averages, but each effort lacked follow-through, and upside momentum quickly faded. The failure to hold above those key resistance levels led to a pullback, with price falling to a low of $60.29. On the downside, the next key support levels are the May 15 low at $60.12 and the May 23 low at $60.00. A break below these levels would strengthen the bearish bias and open the door for further downside pressure.

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