Crude oil futures settle at $68.58.Lowest settle going back to the start of the Iran War.

AI summary

<p class="isSelectedEnd">Crude oil futures are settling at $68.58, down $0.92 (-1.32%) on the day. The session low reached $68.03, while the high topped out at $70.19.</p><p class="isSelectedEnd">Today's decline established a new cycle low, taking prices to their weakest level since February 27, the day before the Iran conflict began. For reference, crude settled at $67.28 on that day, highlighting how the geopolitical risk premium has largely evaporated.</p><p class="isSelectedEnd">From a technical perspective, the sellers remain firmly in control. To shift the short-term bias, buyers first need to reclaim the 100-hour moving average at $70.04, followed by the 200-hour moving average at $71.65. A sustained move above those levels would be the first sign that downside momentum is fading.</p><p>Even then, the buyers would still face another important hurdle. The 200-day moving average at $73.91 remains a key longer-term resistance level. Until the price can break and hold above these technical barriers, rallies are likely to be viewed as selling opportunities, leaving the sellers firmly in control.</p> This article was written by Greg Michalowski at investinglive.com.