Down $0.53
The price of crude oil futures settled at $59.41, down -$0.53.
The low reached $58.81. The high reached $60.22.
The DOE data today showed a build of 2800K vs expectations of -2500K. The build offset part of the -9589K surprise draw last week. The data was in line with API private data reported yesterday (+1900K).
The US continues to produce a record 12.1M BPD for the week.
Technically, the price yesterday moved to a double top yesterday and backed off. Today, the price moved below at 100 and 200 hour MA but did stall at a lower trend line and bounced marginally. That trend line comes in at $58.89. A break below would be more bearish.
A move above the double top at $60.39 would be more bullish.
