Crude oil futures settled lower today, down $0.81 (-1.39%) at $57.46. The session low reached $57.26, while the high extended to $59.11.
Earlier, EIA inventory data showed a build of 3.524 million barrels, following last week’s 3.715 million-barrel increase. Market expectations had called for only a 0.288 million-barrel build, making today’s report notably more bearish for prices.
Technically, today’s decline pushed crude to its lowest level since May 5. The next key downside targets sit at the May 5 low of $55.87 and the year’s low from April 9 at $55.15.
On the topside, close risk remains between $59.78 and $60.10 — a key resistance zone (see lower yellow area on the chart below). A sustained move above that area would be needed to ease bearish pressure.
In addition to the oil inventory data:
The USTR’s Greer said China appeared to be moving toward decoupling, while Beijing called recent trade talks “constructive.”
Trump’s comments about ongoing talks with Putin, potential US-Russia meetings, and his remarks on Gaza added volatility.
