US crude oil futures settle at $33.49

Technical Analysis

Author: Greg Michalowski | us-crude-oil-futures

Settle up $1.53 or 4.8%

the US crude oil futures are settling the day at $32.49. That is up $1.53 or 4.8%.

The high price for the day reach $33.74. The low price extended to $31.56.

Today the crude oil inventories saw a drawdown of 4.982 million barrels vs. expectations of a build of 2.15 million. That has helped the price action. On the other side, however, was that gasoline inventories did show a surprise build of 2.83 million barrels vs. expectations over drawdown of -2.9 million. So there was some mixed data out of the inventory data today.

Technically looking at the chart of the July contract, the price is approaching the 38.2% retracement of the 2020 trading range. That level comes in at $34.72. Should momentum continue, going forward the falling 100 day moving average and the 50% retracement are near the same level around the $40 area.

Settle up $1.53 or 4.8%_

 See here for global coronavirus case data
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose