{"id":441567,"date":"2026-11-05T01:40:06","date_gmt":"2026-11-04T18:40:06","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/crude-oil-futures-tumbled-down-close-to-8-441567\/"},"modified":"2026-11-05T01:40:06","modified_gmt":"2026-11-04T18:40:06","slug":"crude-oil-futures-tumbled-down-close-to-8","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/crude-oil-futures-tumbled-down-close-to-8-441567\/","title":{"rendered":"Crude oil futures tumbled. Down close to 8%"},"content":{"rendered":"<div>\n<p>Crude oil futures are selling off sharply as traders react to comments from Senate Democratic Leader Chuck Schumer about ending the war with Iran.<\/p>\n<p>Schumer says Democrats will move to end the war and that some Republicans have joined them. He adds that Americans do not want the conflict, do not understand why it was launched, and want it to end. The prospect of congressional action is weighing on oil as traders reassess the premium tied to the war and potential supply disruptions.<\/p>\n<p>Meanwhile, Defense Secretary Pete Hegseth is facing increased scrutiny. CBS News reports that President Trump has asked advisers whether Hegseth should remain in his position following Republican losses in Tuesday\u2019s elections. However, the White House says Trump has \u201ccomplete confidence\u201d in his defense secretary, and CBS reports that no decision to replace him has been made. With the Democrats in control, there may be impeachment procedures waged against Hegseth.\u00a0\u00a0<\/p>\n<p>Sellers have control. Can they keep it?<\/p>\n<p>Crude oil is currently trading at $88.57, down approximately 8.1%. The price has fallen from a session high of $97.15 to a low of $88.26\u2014a high-to-low decline of $8.89.<\/p>\n<p>At the current price, oil is just $0.31 above its session low. That keeps the immediate pressure on the downside. Buyers have yet to put much distance between the price and the low.<\/p>\n<p>The $88.26 low is the immediate downside reference. A break below that level, followed by sustained trading below it, would keep sellers in control.<\/p>\n<\/p>\n<p>Technically, the price is approaching a key confluence of levels including the 50% midpoint of the move up\u00a0 from the July low at $86.93, the 100 and 200\u00a0 day MAs at $86.81 and $86.66 respectively.\u00a0 Those three technical levels will be a key barometer for both buyers and sellers. MOve below and stay below and the downside has room to roam. Stay above and a bounce back rally can not be ruled.\u00a0At the end of the day, the question is can the war end?\u00a0 Can there be an agreement? Can there be peace?\u00a0 The price of crude oil was at $67 just before the start of the war.\u00a0 There is room to roam but will there be peace and what does it look like?.\u00a0<\/p>\n<p>                            This article was written by Greg Michalowski at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Crude oil futures are selling off sharply as traders react to comments from Senate Democratic Leader Chuck Schumer about ending the war with Iran. Schumer says Democrats will move to end the&hellip;<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-441567","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/441567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=441567"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/441567\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=441567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=441567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=441567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}