US crude oil futures settle at $51.17 a barrel

Technical Analysis

Author: Greg Michalowski | crude-oil-futures

Up $1.23 or 2.46%

The price of US crude oil futures are settling the day at $51.17. That is up $1.23 or 2.46%
The high price reached $51.73. The low extended to $49.95.  Today, the Department of Energy weekly inventory data showed a larger than expected build in crude oil inventories of 7.459M vs estimates of 3.2M. The private API data also showed a surprise build of 6.0M late yesterday.  Gasoline inventories were near unchanged which was less than the 0.650M estimate

Technically, the price moved back above the swing lows from 2019 between $50.52 and $50 and $50.99. The last 2 trading days have remained mostly below those levels. If the price is to continue to the upside, it needs to stay above those levels.

Up $1.23 or 2.46%_
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