US crude oil futures settle at $46.86 per barrel

Down $1.84 or 3.78%

US crude oil futures are settling down sharply in trading today.  The front futures contract fell by $1.84 or 3.78% to settle at $46.86.  It is lowest level in a month.  

The price decline is on the back of doubts about OPEC"s planned production cuts.  The members of OPEC and nonmember producers, met over the weekend iin Vienna.  However  they did not come to specific terms on production cuts.  They nevertheless agreed to meet before the next scheduled OPEC meeting on November 30.

Technically, the fell below both the 50 and 100 day moving averages at $48.22 and $48.05.  The 200 day moving average, comes in at $46.05.  A move below that level  should open up the downside for further selling.  Trend line support (see chart above) comes in at $45.00.  

US crude oil futures settle at .86 per barrel
US crude oil futures settle at .86 per barrel
http://www.forexlive.com/feed/news
$inline_image