Crude oil futures settle at $51.15

Down -$.50 or -0.97%

The crude oil futures have settled the day at $51.15. That is down $.50 or 0.97%.

The high-priced reached $52.88. The low extended to $50.94.

Today, crude oil inventories had a draw of -1208K vs -3500K estimate. The private data released yesterday showed a massive draw of -10180K.

Technically, the price has been trading above and below the 100 and 200 hour MAs in December. Today, the price started above the MA lines, but in the last hour, dipped back below those lines, tilting the bias back to the downside. BEARISH. The $50 level remains a natural barometer. A move below would increase the bearish bias.

Brent crude settled at $61.15 which was down -$0.05 or -0.08%