Crude oil futures settle at $70.38

<p>The price of crude oil futures are settling at $70.38. That is down $-1.27 or -1.77%.</p><p>The high price for the day reached $73.64. The low price was up $70.06.</p><p>The low price December reached down to $67.71 on December 13. That was just ahead of another swing target area near $67.15. The low price for 2023 was down at $63.64 (see yellow area on the daily chart above).</p><p>Fundamentally, oil prices initially rose due to tensions in the Red Sea including the US destruction of three Houthi ships, Iran's deployment of a warship, and Maersk suspending sailings after an attack on one of its ships on December 30th.</p><p>However, as the US session commenced, oil prices turned around and headed to the downside. Stocks opened and moved lower. IN addition, the S&amp;P global PMI data was not all that great in Europe and the US which may have contributed to the slower growth/lower demand storyline. China's Xi over the weekend spoke of lower growth as well. </p>

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