Down -$2.17 or -3.02%
The price of crude oil is settling down -$2.17 or -3.02% at $69.75. The high reached $72.43. The low extended to $69.43.
The price got kicked lower (although it was already negative on the day) when the DOE weekly inventories showed a surprise build of 6490K (vs 2500K). The private data yesterday showed a draw of -2130K. It was the third week in a row where the build was much greater than expectations (+7975K, +5987K and +6490K).
Looking at the hourly chart below, the fall took the price to the lowest level since September 18th. In the process, the price moved away from the 100 hour MA (blue line in the chart below).
Yesterday, the price moved back above that MA level late and stayed above it into the trading day today.
However, once the MA line was broken again (currently at $71.58), the sellers took back control. The data led to a further tumble.
Taking a broader look at the daily chart, the low today at $69.43 did stall right at the 100 day MA (at $69.44).
That MA line will be a key level into the new trading day and a barometer for the bulls and bears. Move below and there may be another test of the 200 day MA (green line) at $67.25 in the future. Stay above (and so far it has) and the buyers may try to take back control.
