Closes at $47.33...
Crude oil futures are closing at $47.33/bbl. That is up $1.45 ore 3.16% on the day.
The catalyst for the push higher was fundamental data. The DOE Crude oil inventories had a greater than expected draw down of -5247k barrels. The estimate was for a draw down of jut -2000K.
The high today reached $47.78. The low reached $46.01.
Technically, the price has moved back above the lows from March in the $47.01-09 area, and corrected above the 38.2% of the move down from the April high. The price remains below the key moving averages such as the 200 day MA at $49.05 and the 100 day MA at $51.38. The 50% of the move lower comes in at $48.76. Those corrective levels should solicit sellers on rallies. A move back below the $47.00 level, could/should send the pair back lower on the disappointment from the buyers. Be aware.
