Crude oil futures settle at $77.77

<p>The price of WTI crude futures are settling at $77.77. That's down $0.06 or -0.08%. </p><p>The high price today reached $77.88. The low price reached $76.97. At session highs, the price still remains below its 200-day moving average at $78.12. Yesterday the price extended above that moving average briefly, but could not sustain momentum. The moving average remains a key barometer for buyers and sellers. Moving above is more bullish. Staying below is more bearish.</p><figure data-media-><img src="https://images.forexlive.com/images/Crude%20oil_id_978a20c7-c3fb-4610-8e9b-66b8be161196_original.jpg" wrapper-="wrapper-" data-src="https://images.forexlive.com/images/Crude%20oil_id_978a20c7-c3fb-4610-8e9b-66b8be161196_original.jpg" /><figcaption><div>Crude oil remains below its 200 day moving average</div></figcaption></figure><p><span>Sunday OPEC+ meeting will take place with thoughts that OPEC+ may look to increase production cuts to offset the expected weakness in demand and rising inventories. </span></p><p><span>Market participants are looking forward to the U.S. weekly energy inventory data, with private data due later today (4:30 PM ET) and official EIA figures expected on Wednesday. </span><span>The expected inventory changes are looking at an increase of 1.2 million barrels for crude oil, a decrease of 0.2 million barrels for gasoline, and a decrease of 0.8 million barrels for distillates</span></p>

This article was written by Greg Michalowski at www.forexlive.com.