WTI crude oil futures moved up and down in trading today
The price of WTI crude oil futures settled at $72.36. That is $0.31 higher or 0.43% from the seven price yesterday at $72.05.
The high price today reached $72.98. The low price extended to $70.93.
The move to the upside was helped from investors reassessing the risk from the omicron variant.
Looking at the hourly chart below, the price action today was up and down. The low did stall near the 38.2% retracement of the move down from the all-time high price reached on October 25 in the 50 hour moving average (green line in the chart below). The next upside target comes in at the 50% midpoint of the move down from the October 25 high at $73.88
The EIA inventory data today showed:
- Oil -240K vs -1705K expected
- Distillates +2734K vs +1571K expected
- Gasoline +3882K vs +1798K expected
API data from late yesterday:
- Crude -3.089 million
- Gasoline +3.705 million
- Distillate +1.228 million
- Cushing +2.395 million
