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WTI crude oil futures settle lower today
Crude oil given all the fundamental possibilities move
The price of WTI crude oil futures are settling at $81.23. That is down $0.92 or -1.12%.
The low for the day reached $80.35. The high for the day reached $82.92.
The Dallas Fed energy survey released today show volatility amongst energy executives. The WTI year-end targets range showed:
- Average at $88.74
- Low of $65
- High of $122
That is quite a range for year end with only 3 months left in the year.
OPEC meets next week with chatter about cutting supply once again. UBS is out saying that they would need to cut by 0.5 million barrels per day to offset the demand destruction as a result of lower global growth. Russia is promoting a 1 million barrel per day cut in production.
Regarding the Nord extreme pipeline repairs, comments from Russia are that it is not yet possible to predict restoration timeframe.
Looking at the hourly chart, the price of crude oil reached a low on Monday at $76.23. That was just above the closing level for the year at $75.35. The price has been trading above and below its 200 hour moving average at $81.64 today as traders ponder the next short-term move given all the uncertain fundamentals.