The high price for the November contract reached $41.29. The low price extended to $39.52.
The crude oil inventories showed a drawdown of 3.818 million barrels. That was lower than the 5.4M drawdown released near the close yesterday.
The 100 and 200 day moving averages are converging on the daily chart. They only stand $0.30 away. The 100 day moving averages at $40.48. The 200 day moving averages at $40.78. The price action today took the price above and below those moving averages. At some point, we will get a trend leg move away from moving averages. Look for a break and hope for the best with further momentum in the direction of the break.
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