Down -$1.60 or -2.52% on the day
US crude oil inventories rose by nearly 2M barrels today. That was much higher than the private API data that showed a draw of nearly -1.1M yesterday.
Higher inventories means lower prices and that is the trend for the day.
The crude oil price is settling down -$1.60 or -2.52% on the day at $61.79.
The high reached $64.18.
The low extended to $61.25 at the low.
We are settling closer to the lows on the day.
Technically, the price has fallen down to trend line support at the $61.23 level (and moving higher) and the 50 day MA at $60.94. The price of crude has not closed below each since September 2017. Key support....
