WTI crude oil futures for December delivery settles at $37.39

Technical Analysis

Author: Greg Michalowski | crude-oil-futures

Down $2.18 or -5.51%

The price of WTI crude oil futures have tumbled sharply in trading today. The price of the December contract settle at $37.39. That was down -$2.18 or -5.51%. 

Down $2.18 or -5.51%
Crude oil inventories rose by a greater expected 4.32M barrels (1.5M build expected). Gasoline, and distillates did see a greater than expected drawdown, however. Concerns about global growth and global demand for oil was the major driver to the downside.

Technically, the low today reached $36.97. That was below the September low of $37.11 but above the October low of $36.93.  The 38.2% retracement of the move up from the April low is also in that area at $37.06. Going forward a move below that level would be needed to tilt the bias even more to the downside.
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose