Crude oil futures are settling down $0.28 or -0.39% at $71.20. The high for the day reached $72.10. The low was at $71.03.

Technically, the price remains between its 100-day moving average below at $70.65 and its 200 day moving average above at $72.69. The 50% midpoint of the move down from the 2025 high to the 2025 low comes in at $71.00.

To keep the momentum going, getting above the 200-day moving average and the 50% midpoint would be required. However, I would expect willing sellers against those levels on the first test.

Fundamentally, the eight OPEC+ members who initiated momentary output cuts will be meeting on Thursday. However, sources indicate that OPEC+ is not expected to alter its current plan to gradually raise oil production starting in April.

Ukraine/Russia continue to point the finger at each other for violations of the peace agreement. Pres. Trump said today that he believes Russian Pres. Putin is stalling and may look to impose additional sanctions .