Up $0.66
The price of WTI crude oil futures are settling at $39.60. That's up $0.66 on the day.
The high price reached $39.91. The low extended to $37.73.
The move higher was able to shrug off the inventory data point showed crude oil inventories increased by 5.72 million barrels vs. -1.85M estimate. The private API data and a larger surprise of 8.49 barrels. As a result the market was likely expecting it.
Technically, the price range today remain above its 100 day moving average currently at $36.88 but below the 50% of the move down from the January high at $40.11. The high price today reached $39.91 just $0.20 below that midpoint level. It will take a move above the $40.11 level to solicit more buying.
After the settlement, the price has moved lower with the current price trading around $39.08 up $0.14 on the day
