US crude oil futures settle at $67.70

<p>The price of WTI crude oil futures is settling at $67.70 today. That is down $-1.67 or -2.41%. The low price reached $67.55. The high price was at $70.15.</p><p>Current economic projections lean toward the potential for recessions in the US (and other global economies) and that has traders worried about the demand-side. That view comes despite pretty decent US economic data today from durable goods, consumer confidence, and housing. </p><p>On the supply side, BP announced stabilization at its Indiana-based Whiting Refinery, and Shell is expecting to resume normal production at its Norco Louisiana refinery by Thursday. </p><p>The private API data is scheduled to report on weekly energy inventory data later today.</p><p>Looking at the hourly chart, there is a cluster support between $66.82 and $67.35 (see yellow area on the chart below). Move below that level and it should open the door for further selling momentum.</p>

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