Price up $0.43 or 0.87%
The price of crude oil futures are settling up $0.43 or 0.87%.
The high today extended to $49.65. The low reached $48.55. The price is closing nearer the high. The $50 level remains a key level on the topside.
Technically, the price is closing back above the 200 day MA at $49.40. The low today stalled near the 50% of the move down from the Jan 2017 high at $48.65 (the low dipped to $48.60 in the NY session and had a low for the day at $48.55).
The inventory data showed a draw today of -1527K vs expectations of -3100K. However, the private survey projected an add of about +1700K. So perhaps the market was gearing for a lower draw down or even add. So the draw down might have been more of a relief.
