WTI crude oil futures settle at $42.19

Technical Analysis

Author: Greg Michalowski | wti-crude-oil

Up $0.49 or 1.18%

The price of the September WTI crude oil futures contract is settling at $42.19. That is up $0.49 or 1.18%. However it is well off the high price of $43.52.

The price higher was spurred on by higher-than-expected API drawdown of about -8.4 million barrels released near the close of trading yesterday. Although the DOE data today came in showing a -7.3M drawdown, it didn't quite match the API figures. As a result the price started to drift lower from the highs.

Technically, the price is closing above its 50% retracement of the move down from the 2020 high at $41.71. Stay above would keep the buyers more in control. 

At the high the price got close to its 200 day moving average at $43.92 but fell short. If the price is to make more inroads into the sharp declines in 2020, getting above the 200 day moving average is a technical target that would shift more of the technical bias to the upside.

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