Crude oil settles at $60.70 ...0

Oil prices have dropped 20% following Trump’s April 2 “Liberation Day” announcement, which included steep tariffs on most U.S. trading partners.

Adding to the pressure, OPEC+ announced Thursday it will accelerate the rollback of voluntary production cuts, bringing an additional 411,000 barrels per day to the market next month—further fueling the price decline.

Technically, the price of crude oil fell below its 50% midpoint and swing area between $63.61 and $65.29 (see yellow area on the chart above). The 50% midpoint is between that area at $64.71. Staying below those levels keeps the sellers more in control in the door open for more downside momentum. The low price today reached $58.97. Getting back below that level should open the door for further selling.

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

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