Down -$0.45 or -0.80%
The price of WTI crude oil futures are settling at $55.68. That is down $0.45 or -0.80%. The high reached $57.13. The low extended to $55.58. The price is trading near the lows at the close.
Crude oil inventories today showed a bigger than expected draw of -2.732M vas -1.5M estimate, but was less a draw than the API data released yesterday (-3.4M).
Looking at the hourly chart below, the cotntract is testing its 100 hour moving average at $55.56. Below that is a lower trend line and the 200 hour moving average at $55.21. It will take a move below each to turn the bias more negative.
At the high price today, the pair tested a top side trendline and stalled (see red circles).
