Big down week for crude
Crude oil futures are settled for the week, and it was a bearish one.
The price is settling at $50.42. That is down $4.21 or 7.71%.
A headline story from the WSJ that Saudis and OPEC quietly mulling clandestine oil output cut did little to push the price higher.
The price last Friday closed at $56.46. The settlement today is below the 50% retracement of the move up February 2016 low. That level comes in at $51.47 and is the close risk for the pair now.