The price of WTI crude oil futures are settling at $77.85. That is up $0.86 or 1.12%.

The inventory data showed crude oil stocks declined by -2144K versus the private estimate of -6432K and other estimates of -3283K. Gasoline inventories showed a huge increase of 10128K vs 1775K estimate.

Technically, the price high today reached the highest level since November 25. The high price today reached $78.56. Looking at the daily chart, the 100 day moving average was tested on Monday and closed higher. Both yesterday and today the price has continued the move to the upside.

Crude oil traded to the highest level since November 25