Down-$.33 or -0.56%
The price of crude oil futures are settling at $58.81. That is down -$.33 or -0.56%. The high price today reach $59.09. The low extended to $56.88.
Technically, the price fell below its 100 day moving average at $58.25 and the 38.2% retracement of the move up from the December low at $57.34. However, the late day rally has taken the price back above both of those technical levels. The failure puts the buyers back in control (above the 100 day MA at $58.25).
The private API data will be released near the end of the trading day. DOE inventory data will be released tomorrow with crude oil inventories expected to show a drawdown of -500K. Last week the data showed a surprise build of 4740K.
