The price of crude futures settled down $0.97 or 1.54% to $62.05 pressured by rising supply and tariff-driven growth concerns.

Last week, OPEC+ surprised markets by adding 411,000 barrels per day in May, while U.S. shale production stayed near record highs.Discounted barrels from Iran and Russia have also boosted Asian inventories, worsening the glut.

Technically, the price low today did dip below the broken 38.2 at $61.63 but bounced off of that level. Earlier today, the price fell below its 200 hour moving average at $62.56. The break opened the door for more selling. The price will need to get back above that level and the 100 hour moving average at $62.97 to reverse the technical bias. Until then, sellers are holding the better cards with a break of the 38.2% the next key hurdle.