WTI Crude oil futures settle at $51.14
Down -$2.13 or -4.00% on the day..The price of crude oil futures are settling the day at $51.14, down -$2.13 or -4% on the day.
The low reached $50.84. The high was up at $53.05. The weekly DOE inventory data showed a build once again of 2206K vs an expected draw of -1000K. The build was the 4th in 5 weeks (5431K, 4740K, -282K, 6771K and 2206K).
Technically, the pair fell below its 100 hour MA after spending 3 days trading between the 200 hour MA above and 100 hour MA below. That got the bearish ball rolling for the contract. The price is approaching the June 5 low at $50.60.