WTI crude oil futures for June delivery settled at $109.59. That’s down $-2.81 or -2.5%. The high for the day reached $115.42. The low extended to $108.46.
The June contract last day of trading is May 20 (Friday). Most of the trading is now in the July contract. It is trading at a discount of $106.55 currently.
The price action today was focused on the potential for slowdown in the economy on the back of tighter central bank policy.
The weekly crude oil inventory showed a larger than expected drawdown of -3.394M barrels. The expectations was for a build of 1.383M. The drawdown did not influence the price action. Sellers were intent on pushing the price lower today.
Technically, the price is settling below its 100 hour moving average at $110.95 above its 200 hour moving average at $107.92.