Up $.51 or 0.97%
The price of crude oil futures are settling at $53.13. That is up $.51 or 0.97%. The low for the day reached $$52.07. The high extended to $53.47
The energy inventory data today showed crude oil inventories showing a big build of 7070K. That was way above the estimates, but not that far from the private estimates last night which came in at 6550K. Gasoline inventories also rose by 4050K vs 3000K estimate (private inventory came in at 3640K)
The buiild did not have a dampening impact on the price however.
Looking at the hourly chart, the price low stalled ahead of a lower trend line and the price rise has taken the price above the 200 and 100 hour MAs at $52.36 and $53.07. The close is just above the 100 hour MA. Stay above those MAs and the bulls remain more in control.
