Up $1.26 or 2.77%
The price of WTI crude oil futures are settling at $46.78. That's up $1.26 or 2.77%.
The high price reached $47.74. The low price extended to $45.52.
Technically the price is closing above its 61.8% retracement at $46.43 (of the 2020 trading range). The high price reached the highest level since March 5, 2020.
Yesterday the crude inventory data for the week showed a surprise $15 million build in inventories. The price move down to test a lower trendline on the hourly chart (see green numbered circles), but bounced.
The run to the upside took out the December 4 high at $46.68 and raced higher.
The price just came down to retest that $46.68 level and has seen a modest bounce. Stay above keeps the buyers in the driver's seat.
