In up and down session as a big building inventories helps to push the price back down
The price of WTI crude oil futures are settling the day down $0.88 or -1.54% $56.35.
The high for the day reached $57.85. The low extended to $56.11.
The Department of Energy early today release the weekly inventory data showed a large and expected build of 7.929M barrels versus 2.000M estimate. The private data released near the close of trading yesterday showed a build of 4.2M barrels. So the number for the building inventory today was even higher than the private estimate.
Technically,the price for the 3rd day in a row,moved above its 200 day moving average (green line) at $57.21 only to reversed back lower. The price did remain above the 100 day moving average (blue line) at $55.95. It will take a move back below that moving average level to tilt the technical bias more to the downside (as long as price can remain below that key moving average).
