US crude oil futures settle at $72.02

<p>The sawtooth up-and-down price action in crude oil continued today with a gain of $0.65 or 0.91%. The price settled at $72.02.</p><p>The high-priced today reached $73.81. The low price was at $71.17.</p><p>The earlier rise came as geopolitical worries escalated after Iran seized an oil tanker in the Red Sea. Anxiety continues in the key shipping zone as Iranian-backed Houthis continue their terrorism in the shipping lanes. </p><p>After the price extended toward the highs from Wednesday at $73.59, sellers started to stick their toe in the water and a dip back lower started. </p><p>The ups and downs continue as geopolitical concerns, global demand slowing, US production, and production pullbacks from OPEC+ push and pull the price up and down. The price is mired in a range from about $69.30 up to $74.50. </p>

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