The price of crude oil tumbled $3.76 or 4.9% at $72.90. The low price reached the $72.22. The high price was up at $76.58. The low price i reached its lowest level going back to July 7. At the low, the price tested the low of 8 swing area between $72.30 and $73.31. The price is settling between those 2 levels.
Weaker US economic data, and bearish energy inventory reports help contribute to the decline. Today the initial jobless claims and the continuing claims showed job weakness. Industrial production and capacity utilization was also weaker than expected. Finally, the Philly Fed manufacturing index was also in negative territory for the 3rd consecutive month.
The price levels for crude oil have now moved back into a consolidation area from May to July between $66.85 and $74.75.
The decline puts pressure on OPEC+ to consider extending or deepening production cuts during their upcoming meeting on November 26th.
For the trading year, crude prices are now down -9.44%.