US crude futures settle at $75.33

<p>The price of WTI crude futures are selling sharply lower. The price closed at $75.33. That is down $2.04 or -2.64%. Since Friday's high at $83.56, the price has fallen -10.29%.</p><p>Technically, the price fell and closed below its 200-day moving average yesterday at $78.13. Today the high price could only get up to $77.49 before rotating back to the downside. The low price for the day reached $74.96. The low today was the the 1st time below the $75 level since July 20.</p><p>Sellers remain in control. Some downside catalysts include:</p><ul><li>Global demand concerns taking center stage.</li><li>Shift in focus away from the Israel-Gaza conflict.</li><li>Signs of decelerating global growth.</li><li>Significant increase in US crude stock (11.9 million barrels) based on private data.</li><li>Absence of an official EIA release this week, giving more weight to private inventory figures.</li><li>Supply-related pressure from the Middle East due to discussions about resuming oil flows from Iraq to Turkey.</li></ul>

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