<p>The price of crude oil futures settled at $79.98. That is down -$1.24 or -1.53%. </p><ul><li>The OPEC+ meeting will take place virtually on Sunday. No change in production is expected.</li><li>The price cap looks to be set at $60 for Russian oil</li><li>The Russian sanctions will also go into effect cutting off all imports of Russian imports. Those will stop on Monday. </li></ul><p>So there are a lot of balls in the air that could have impact on supply. On the demand side, China and its Covid policy remains a wild card for global demand. </p><p>For the week, the price is up 4.79% from last Friday’s closing level. </p><p>Technically, looking at the hourly chart, the price low today tested the rising 100 hour MA at $79.85. The price dipped below that level but has rebounded back above. </p><p>Next week, a move below the 100 hour MA would have traders targeting the 200 hour MA at $79.05. On the topside, the close levels in play would be the 38.2% of the move down from the November high at $81.28 followed by the 50% midpoint at $83.66. </p>

This article was written by Greg Michalowski at forexlive.com.