WTI crude oil futures settle at $90.03

<p>WTI crude oil futures settle at $90.03, up $0.40 or 0.43%. The high for the day reached $91.33. The low was at $89.31.</p><p>Brent crude prices settled at $93.27 down $0.03 or -0.03%</p><p>For the trading week, the price of crude oil is down marginally by -0.58%.</p><p>Looking at the daily chart, the price remains between retracement levels. On the downside, the broken 38.2% retracement of the move down from the June 2022 high, comes in at $86.72. On the top side, the 50% midpoint of the same move down comes in at $93.78. On the wide, those are the support and resistance levels for crude oil</p><p>Today the Baker Hughs data showed another decline of -8 oil rigs.</p><ul><li>The crude complex settled slightly stronger after a volatile day.</li><li>This week the modest decline, ended a three-week positive streak due to concerns over Russia's fuel export ban and potential future rate hikes.</li><li>Kremlin announced the fuel export ban will remain until the fuel market stabilizes.</li><li>WTI and Brent reached highs of USD 91.33/bbl and 94.64/bbl before dropping to lows of 89.31/bbl and 92.80/bbl respectively.</li></ul><p>In other news:</p><ul><li>HSBC raised its Brent forecasts, citing:<ul><li>Expected tight oil demand due to extended Saudi voluntary cuts.</li><li>Anticipation of the cuts lasting until 2024.</li><li>Continued record Chinese oil demand supporting prices in the near future.</li></ul></li></ul><p>A few Fed governors today expressed concerns toward the price of oil and its impact on inflation. The higher prices could also lead to lower demand, that leads to a correction lower. </p><p>Ultimately Time and again, when there is added focus on higher prices, the higher prices lead to lower demand, a slower economy, or often both. The price comes back down. </p><p>Then when the price is low, it does the opposite, spurring on more growth and increased demand and utimately higher prices.</p>

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