The settle price is down -$0.87 or -1.33% on the day
The price of crude oil futures are settling at $64.38. That is down -$0.87 or -1.33% on the day.
The high price reached $65.13. The low extended to $63.72.
The inventory data today showed a build of 1643K vs 850K. Although above the estimate, the private API data showed a much higher build of 5321K. You would have expected a rise in price off that data - especially since it was so much lower than the API build, but after a quick run higher, the price fell back down. A higher dollar helped the downside as well.
Technically, looking at the hourly chart below, the price high today stalled just under the 100 hour MA at $65.17 (the high reached $65.13).
On the fall lower, the price fell below the 38.2% and the 200 hour MA at $64.03, but that break failed. We are trading between the 100 hour MA above at $65.17 and the 200 hour MA below at $64.09. Traders will be looking for the break and run going forward.
