Crude all prices settle at $77.17

<p>US crude futures settle at $77.17. That's up $1.43 or 1.89% on the day.</p><p>For the trading week, oil prices are trading up around 2.07%</p><p>The high for the day reached $77.69. The low price reached $75.36. Catalysts include:</p><ul><li>Concerns over global growth took precedence in the market, overshadowing geopolitical risks in the Middle East.</li><li>Iraq's oil minister reiterated the country's commitment to the OPEC+ agreement on production levels but noted that increased oil exports by some OPEC members are considered "natural."</li><li>Brazil's rising oil production, with Petrobras announcing a new USD 100 billion capex 5-year plan, remained a focal point.</li><li>Ukraine's Energy Minister suggested potential retaliatory attacks on Russian energy infrastructure if Russia intensifies targeting Ukraine's electric system during the winter.</li></ul><p>Production in the US remains near all-time highs which is helping to increase supply. Slower growth in China is a negative for demand. </p><p>A positive would be the US does need to increase its strategic petroleum reserves at some point. That may help to put a floor on the price of oil. Recall that in May, the price reached levels near $64, but little was added to the reserves. Increased growth from China would also give the price a boost.</p><p>Technically the prices closed the week below its 200-day moving average at $78.11 (see green line in the chart below). The price also moved away from its higher 100-day moving average (blue line in the chart below) currently comes in at $81.94. It would take a move above each to increase the bullish bias from a technical perspective.</p>

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