Crude oil futures settle at $69.96

Technical Analysis

Author: Greg Michalowski | crude-oil

Settles back down below the $70 level.

The price of crude oil futures are settling down nine cents or -0.13% at $69.96 after trading above and below the key $70 level over the last 24 trading hours.

The high price reached $70.62. The low price extended to $69.46.  Today crude oil inventories showed a bigger than expected drawdown of -5.241 million barrels, but gasoline inventories were up 7.046M barrels (and above estimates of 1.200M.  

Settles back down below the $70 level._
Looking at the hourly chart above, the price decline today did find early buyers against its rising 100 hour moving average at $69.44 ( the low price reached $69.46).  Going forward if the price can remain above the 100 hour moving average, the buyers remain firmly in control. A move below and staying below, would put the sellers in control.
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