Crude oil futures settle at $69.34

<p>Crude oil is settling at $69.34. It is down four cents or -0.06% on the day. The high price reached $70.48 the low price was down at $68.80. The low price reached the lowest level going back to June 28. For the year, the price is now down -13.47%. That's the largest year-on-year decline since 2020, when the price fell 20.54%. In 2021, the price rebounded 55.01%, and last year the price rose 6.71%.</p><p>Market participants are now looking forward to the U.S. jobs report due on Friday for further direction in the oil market. The markets are more concerned about global growth. </p><p> Remember, however, that lower gas/oilprices do ease inflation fears and tend to increase confidence. </p><ul><li>The average price of regular gasoline in the United States was $3.216 per gallon as of December 6, according to AAA.</li><li>Gasoline prices have been decreasing for 11 consecutive weeks </li><li>This current average represents a decrease of 18.9 cents from a month ago and is 14.9 cents lower than the same time last year.</li></ul><p>On the bullish side, last week OPEC+ agreed to deepen production cuts by 900,000 barrels per day in 2024, with Saudi Arabia extending its own million barrel per day cut through March. </p><p>AAA spokesperson Andrew Gross anticipates that the national average could drop below $3 per gallon by the year's end, a level not seen since early 2021.</p><p>I just brought up the weekly chart. This week the price is cracking below the 200 week MA at $70.31.It would take a move above that MA to give the buyers some hope. Absent that and $64.36 to $67.00 is the target area. </p>

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