Up $0.28 or 0.63%
The price of crude oil is trading at $44.74, up $0.28 or +0.63%. The high was $44.94. The low was $44.24 in relatively quiet trading. The low today was the lowest level since May 5th (low reached $43.76)..
Looking at the daily chart below the price got close to the 38.2% of the move up from the Feb 2016 low at the $44.09 level (low reached $44.24). A move below that level will be more negative in trading next week.
The price continues to suffer from inventory concerns. There was a draw down in crude oil inventories of -1.7M barrels, but that was not as great as the -2.3M expected.
