WTI Crude oil futures settle at $51.14

Technical Analysis

Author: Greg Michalowski | crude-oil

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.   

Down -$2.13 or -4.00% on the day..
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