Crude oil settles at $58.27

Crude oil is settling at $58.27. That’s down $0.43 or -0.73% day. The high price today reached $59.42. The low price was at $58.20. Both those levels were inside the high and low of yesterday’s trade. The low price yesterday extended to $57.68 while the high price was at $59.82.

Technically, the price remains below a swing area between $58.78 and $60.10. That keeps the sellers in firm control. The low price for the year came in at $55.15.

Persistent trade tensions and supply concerns are weighing on the market. The IEA warned that global oil market could face a surplus of up to 4 million barrels per day in 2026.

This article was written by Greg Michalowski at investinglive.com.