Up $0.86 or 2.13%
The price of WTI crude oil futures for August delivery are settling near session highs at $41.20. That's up $0.91 or 2.26%
The high for the day reached $41.26. The low for the day extended to $40.08.
The September contract settle up $0.85 at $41.40.
The crude oil inventory data today showed a larger than expected drawdown of -7.493 million barrels. The expectations were for a -2.1 million decline.
It was reported that the OPEC plus group is easing the record 9.7 million barrel per day production cuts as of August. This according to Saudi's energy minister Prince Abdulaziz bin Salman. The price of crude oil rose today despite the news.
Technically, the price is testing the 50% retracement of the move down from the January high to the April low. That level comes in at $41.25 for the August contract. The high price reached in June extended to $41.63. The low price from the March gap is up at $42.17.
Get above those levels opens the door for a run toward the 200 day moving average currently at $44.50
