Up $0.58 or 1.21%
The price of crude oil is settling the day at $48.41. That is up $0.58 or 1.21%.
The high price today extended to $48.50.
The low fell to $47.53.
Technically, the contract found support last week against the 50 day MA (currently at $46.61) ON the topside, the 200 day MA is at $49.38. In between sits the 100 day MA at $47.91. Today the price is closing back above the 100 day MA.
The market overall seems to be comfortable in at $46 to $50 range.
Today, the inventory data showed a draw down of -3327K. That was as expected, but we have seen a little more buying nevertheless.
