Crude oil hangs nearer low levels for the day
Build in inventory may not have been as much as the private data, but rally higher is limited
The price of crude oill remains closer to the lows after the inventory data showed a build of 2206K (last week 6771K build and est of -1000K). The build was less than the private data at the end of trading yesterday (+4852K) but the rally off the low has been limited.
The current price is at $51.92. That is down -$1.35 of -2.59%. The low for the day reached $51.46. The high extended to $53.05, but that was at the start of the trading day. At the start of the day, the price was breaking below the 100 hour MA (blue line) currently at $53.20. For nearly 3 days, the contract traded between the 100 and 200 hour MAs. Falling below was more bearish.
On more weakness, the swing lows from June 6th and 5th will be targeted at $51.17 and $50.60 respectively.