Crude oil futures are settling at $86.21. That’s up $0.98 or 1.15% on the day.
Crude oil bounces back above 100 hour moving average
The high price for the day has reached $86.32. The low price was at $84.58. The price is settling near the high for the day.
Looking at the hourly chart, the low price extended just below the swing low from April 4 at $84.61 before bouncing higher. The last surge is also taking the price back above its 100 hour moving average at $86.07. Staying above that moving average would be more bullish from a technical perspective.
The weekly inventory data was released earlier today
- Crude oil showed a build up +5841K versus 2366K expected
- Gasoline +715K vs -1320K expected
- Distillates +1659K vs -1153K expected
- Production 13.1 mbpd vs 13.1 mbpd prior
- Implied mogas demand: 8.61 Mbpd vs 9.24 Mbpd prior
API data released late yesterday:
- Crude +3034K
- Gasoline -609K
- Distillates +120K
Oil initially fell 40 cents on the data but quickly pared the declines
This article was originally published by Forexlive.com. Read the original article here.