Crude oil closes down marginally
The price of WTI crude oil futures are settling at $85.55 for the March contract. That's down -$0.25 or -0.29%. The low price reached $84.73. The high price extended to $87.10.
The price this week traded at the highest level since October 2014. The run to the upside recently has seen the price move back into the range from 2011 to November 2014. That wide range went from $75 to around $114.79. Stay above $75 would keep the bullish bias firmly intact going forward.
Today crude oil inventories showed a build of 515K barrels. Gasoline showed another sharp rise inventories. Distillates also showed a build this week
- Gasoline +5873K vs +2634K expected
- Distillates 1413K vs -850K expected
Yesterday's private API data showed:
- Crude +1404K
- Gasoline +3463K
- Distillate -1179K
