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By Published On: December 8, 20250.5 min read

Crude oil futures settled at $58.88, down $1.20 or 2.0% on the day. The intraday high reached $60.30, while the low dipped to $58.68.

Technically, the market remains volatile with ongoing fluctuations. The price had rallied to a recent cycle high near $60.50 last Friday. However, today saw a downward shift as crude fell below key technical levels, first breaking below the 100-hour moving average at $59.40 and then the 200-hour moving average at $59.08.

Traders will now be watching the next support zone between $58.27 and $58.49. If prices fall below this range, attention will turn to the November lows between $57.10 and $57.39 as the next potential target.

Original Source: Greg Michalowski of investinglive.com

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