WTI crude oil futures settles at $72.15

The price of WTI crude futures are selling at $72.15. That is up $0.41 or 0.57%. The high price reached $75.06. The low price was at $72.02. The gains from the weekend Saudi Arabia production cut were erased.

Looking at the daily chart, the high price today extended toward the falling 100 day moving average. That level comes in at $75.66. The high price got within $0.60 of that level but backed off into the close.

Saudi Arabia announced a voluntary cut in oil production by 1 million barrels per day in July, a decision aimed at propping up crude oil prices amid worries of slowing global energy demand. This reduction is in addition to previously declared curbs, which are extended until the end of 2024. The decision was part of an agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, which agreed to maintain current production targets until the end of the year.

This announcement came after contentious deliberations, with Saudi Arabia facing strong opposition, particularly from African producers, to its push for output cuts. In the end, consensus was reached to adhere to current output targets, with Saudi Arabia’s voluntary cut aiding the final agreement.