WTI crude oil futures are settling $0.79 lower at $63.17. The low for the day extended to $63.06. The high for the day was at $64.34.
Looking at the hourly chart below, the price is moving away from its 100-hour moving average up at $64.82. The price is also dipping below the low of a swing area between $63.61 and $65.27.
It would take a move back above the 100-hour moving average and the high of the swing area at $65.27 to give the buyers back some control. Absent that the sellers are in firm control. The next target comes against the lows, going back to May near the $60 level. Below that and traders would look toward the April and May lows near $55.15.
