Crude oil futures today settled that $60.43.
That was up $2.60 or 4.5%.The price of crude oil futures settled today at $60.43. That was up $2.60 or 4.5%.
The catalyst was the larger than expected drawdown of crude oil inventories. They fell -9.499K vs -3.0K estimate. The sharp drawdown was even higher than the private estimate of -8.129K release at the end of the session yesterday.
Technically, the price today moved back above its 200 and 100 day moving averages at $58.44 and $59.10 respectively. The contract also moved above a topside trend line at $59.49. A new July high was also breached above $60.28