Crude oil settles at $68.61. Lowest level since June 28

<p>The price of crude oil fell sharply and traded to the lowest level going back to June 28. The low for the day reached $68.22. The high reached $71.96.</p><p>Looking at the daily chart, the price is getting closer to swinging area support going back to the end of May and into June between $66.80 and $67.05. The low price from 2023 comes in at $63.64 (May 4). For the year, the price of crude oil is now down -14.60%. The AAA average gas price is down to $3.13 per gallon which is down from $3.37 a month ago and $3.26 a year ago .</p><p>Market focus will now shift to the upcoming weekly private oil inventory data which will be released at 4:30 PM ET. Tomorrow, the EIA inventory data will be released at 10:30 AM, with expectations for crude oil inventories to show a draw of -0.650M barrels. Gasoline stocks are expected to show a build of 1.933M. </p>

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