Crude oil futures settle at $60.96/BBL

Author: Greg Michalowski | Category: News

Up $0.25 or 0.41%

The crude oil futures prices settling the day at $60.96 per barrel.  That is a gain of $.25 or 0.41%.

The high price extended to $61.33 while the low reached $60.11.

Crude oil inventories showed an unexpected ad of 5022K barrels vs expectations for 2500K.  The price fell to the session lows on the back of the report, but stalled and rebounded back higher.

Technically, the contract remains below it's 100 hour MA at $61.07 (blue line in the chart above). The 200 hour MA (green line) comes in at $61.43 currently. The price high today, stalled ahead of that level - keeping the sellers more in control. 

The low today (after the bearish inventory data), stalled in the swing low range of $59.95 to $60.18. There are now 7 swing lows in that region since March 1. If the price is to crack lower, that area needs to be broken and remain broken.
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