Oil Price Plunges, Still Ends Week Up Amid Volatility

Crude oil futures closed at $89.31 on Friday, down $2.88 (3.12%) from Thursday's price after trading in a wide range between $87.68 and $92.83.

The sharp decline came despite the fact that crude still finished the week up $7.51 (9.17%), highlighting the volatile nature of oil markets.

From a technical perspective, the daily chart shows buyers pushed the price to $93.50 on Thursday, briefly breaking above the 50% retracement level of the decline from the March high to the July low at $93.26. However, this breakout failed, inviting sellers back into the market.

The 100-day moving average at $89.90 is another key technical level, and WTI closed below it on Friday after briefly trading above it on Thursday.