Crude oil futures settle at $58.26 today

Technical Analysis

Author: Greg Michalowski | crude-oil

Up $1.39 or 2.44%

The crude oil futures have settled at $58.26. The price gained $1.39 or 2.44%. The price was supported today by a surprise drawdown in inventories (-3826K vs +3000K estimate) as well as an increase in implied demand. 

THe high today reached $58.48. The low extended to $57.01.  

The next key target on the topside comes in at $59.63. That is the 50% of the move down from the October high. 

Up $1.39 or 2.44%

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