Crude oil futures settles at $96.57. Down sharply on the week

The price of crude oil is settling at $96.57. That is down $-1.30 or -1.33% on the day.For the week, the price is down $-16 or -14.29%. The price is also below the 100 and 200 hour moving averages at $102.87 and $103.57. The big catalyst was the announcement of a cease-fire and the potential for the re-opening… The price of crude oil is settling at $96.57. That is down $-1.30 or -1.33% on the day. . For the week, the price is down $-16 or -14. The price of crude oil is settling at $96.57. That is down $-1.30 or -1.33% on the day. For the week, the price is down $-16 or -14.29%. The price is also below the 100 and 200 hour moving averages at $102.87 and $103.57. The big catalyst was the announcement of a cease-fire and the potential for the re-opening of the Straits of Hormuz. Although, not fully open (it is… For traders, this matters because commodity headlines often feed directly into inflation expectations, sector rotation and currency pricing. Watch whether the reaction stays isolated to one name or spills into the broader sector, index futures and correlated risk assets.