US crude oil futures settle at $49.56

Up $0.39 or 0.79%

Crude oil futures are settling at $49.56. That is up $0.39 or 0.79% on the day. The high extended to $49.65. The low reached $48.90.

Today the US crude oil inventories showed a larger than expected draw down of -6451K vs -2200K est. However the private data did show an even larger draw down of -7839K.

Gasoline inventories - in contrast - had a build of 3424K vs an estimate draw of -1500K. The private data estimated a build of about 1500K.

The data was sufficiently ambiguous to cause up and down price action. Nevertheless, the futures are closing near the highs for the day.