The high price for the day reached $61.99. The low price extended to $59.24.
The gains come despite a huge build in inventories of 21.563 million barrels. The gains are reflective of the rebound from the arctic chill that swept through the US.
Looking at the hourly chart, the settlement price was below both the 100 and 200 hour moving averages at $61.51 and $61.45 respectively. If the contract is able to stay below those moving average levels, the sellers have more technical control at least in the short/medium term.
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