Crude oil futures settle up $0.43 or 0.67%
The price of WTI crude oil futures is settling at $64.44. That is up $0.43 or 0.67%. The high price reached $64.96. The low extended to $63.10.
Looking at the hourly chart, the price action today spent most of the time above its 200 hour moving average at $63.08, and below its 100 hour moving average at $64.95 the price also tested the 50% midpoint of the move up from the February 19 swing low to the high price seen on Monday. That midpoint comes in at $63.29.
The weekly inventory data showed a larger than expected build of inventories of 13.798M. That was the 2nd consecutive week of large builds (last week it rose by 21.563M). Gasoline inventories, however, fell sharply for the 2nd consecutive week. Last week inventories felt 13.624M barrels. This week, gasoline inventories fell -11.869M.
