Crude oil 200-day moving average remained the key level on Monday as prices swung around $73.63 after a sharp intraday reversal.
Oil rose to $78.14 earlier in the session. However, it later fell back to about $73.67. The day’s low reached $73.24, which left the market briefly below the 200-day moving average before it moved back near that line.
On Thursday, crude also slipped under the same average ahead of the U.S. holiday. However, it finished that session back above the level. That kept attention on whether the market can hold above the 200-day mark.
Crude Oil 200-Day Moving Average Holds Focus
The source said a clear move below the average, and staying there, would hand more control to sellers. As a result, buyers could see the recent rally losing force. The article also said the market still has notable room on the downside.
For comparison, crude settled near $67.04 on February 27. That was the day before the Iran conflict began on February 28. Therefore, the latest drop has brought prices closer to levels seen before that event.
Gasoline Prices Ease From Recent Peak
The pullback in crude has also shown up in gasoline prices. The national average for a gallon of gasoline has dropped to about $3.92. That is down from a peak near $4.56.
However, pump prices still sit well above the $2.98 average seen before the war started. That leaves gasoline below its recent high, but still above earlier levels.
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