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Down -$3.77 or -5.39%
The value of WTI crude oil futures are settling down $3.77 or -5.39% at $66.18. The low value for the day prolonged all the best way to $64.45. That was the bottom stage since August 23. The excessive for the day was at $71.18.
Promoting got here on the again of expectations of slower development from omicron virus (and a tighter Fed coverage).
Technically, the transfer took the value under the 38.2% retracement of the transfer up from the November 2020 low (at $34.95).
The value of crude oil closed 2020 at $48.18. Regardless of the transfer decrease from the excessive for the 12 months at $85.39, the value of crude oil continues to be up almost 38% from the shut on the finish of 2020 (issues may very well be worse).
What about on the pump within the US?
The tip of 12 months value per gallon was at $2.28. The present common value within the US is $3.39. That represents a 48.6% enhance. Nonetheless, it does appear the current declines haven’t labored its strategy to the pumps. As such, there could also be a softening going ahead.
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