The price of WTI crude oil futures are settling up $0.32 or 0.31% at $102.02. Yesterday's price settled at $101.70.
The high price reached $102.91. The low price extended to $99.80.
The EIA weekly crude oil inventory data showed a build of 0.692 million barrels versus 2.000M expected last week saw a drop -8.02M. That helped to push the price back above the $101 level, although price action has been up and down choppy.
In other news, Germany is ready to back a gradual EU ban on Russian oil. A formal EU proposal could be discussed next week, according to a report. That should be more bullish.
Looking at the hourly chart, the high price yesterday and the two separate highs set today all stalled near the 200 hour moving average currently at $102.73 (see green line in the chart above). The inability to extend above that moving average level led to a move back to the downside prior to the the EIA release.
The move lower took the price back below the 100 hour moving average at $100.85 (blue line). The price decline was able to also get below the $100 level. However, selling could not be maintained, and the price has moved higher over the last few hours.
The current price trades back between the 100 hour moving average below at 100.85, and the 200 hour moving average above at 102.73. That was similar to yesterday's settlement
.Although the break lower failed today, the same dynamics apply technically. Move below the 100 hour moving average and the bias tilts more to the downside. Conversely a move above the 200 hour moving average, and the bias tilts more in the favor of the buyers.
