Technical Analysis

US crude oil futures settle at $52.59

Price is down $0.04 or -0.08%

The price of crude oil futures are settling the day at $52.59. That is down $0.04 or -0.08% on the day. 

The high price today extended to $53.74 on the back of the hope for a deal with US and China.  The gains could not be maintained and the price drifted back lower. The low for the day reached $52.31.

Technically, the price near the high of the day, tested its 200 hour moving average (green line in the chart below) and found sellers leaning against that level.   The inability to move above with momentum, turned the buyers into sellers, and the price rotated lower.

Today, the weekly crude oil inventories showed a build of 2927K vs 1900K estimate.

The private API numbers released late yesterday showed:

  • Crude +4130K
  • Gasoline -5940K
  • Distillates -3980K
  • Cushing +1240K

WTI ccrude was trading up 54-cents to $53.17 per barrel at the release. Those gains could not be maintained. 

ForexLive

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