Good read Crude Oil Price Talking Points The price of oil fails to extend the series of higher highs and lows from earlier this week despite an unexpected decline in US inventories, and crude may give back the advance from the monthly low ($90.56) as it continues to trade within a descending channel. Crude Oil Price Rebound Stalls to Keep Descending Channel Intact The recent recovery in the price of oil appears to be stalling as it comes up against channel resistance, and crude may fall back towards the 200-Day SMA ($93.87) as it tests the moving average for the first time in 2022. Failure to hold above the moving average may indicate a potential shift in the broader trend as the Organization of Petroleum Exporting Countries (OPEC) retain the adjusted production schedule, and it remains to be seen if the group will respond to the developments coming out of the US as they plan to adjust upward the monthly overall production for the month of August 2022 by 0.648 mb/d.