Crude oil inventory data to be released tomorrow
The price of WTI crude oil futures for December settle that $41.45. That's $0.09 higher on the day.
The high price reached $43.06 before rotating back to the downside. The low price extended to $41.32. The settle price is just off of that low.
The price of oil has rallied higher this week on the back of the vaccine news. Private inventory data released late yesterday showed a larger than expected draw of -5.1 million barrels vs. -0.9 million estimate. The official EIA data will be released tomorrow a date later than usual in respect to the Veterans Day holiday.
A headline just out says that OPEC+ talks are to focus on a delay of oil output hike of 3 – 6 months.
Technically, the price moved above the mid-September and October highs near the $42 level, but could not sustain the price above that level into the close. Nevertheless the price remains above its 100 day moving average currently at $40.86. Stay above that 100 day moving average (blue line in the chart above) would keep the bias more in favor of the buyers.
