The weekly inventory data showed a higher than expected drawdown of both crude and gasoline stocks. That sent the price of crude oil racing to the upside, but the price did stall ahead of the 38.2% retracement of the move down from the August 11 swing hi. The price is also still below the 200/100 hour moving averages which come in between $90.08 and $90.24.
A move above the moving averages would increase the bullish bias in the short-term at least.
The low price today stalled ahead of the low from yesterday. The low price today reached $85.90 while the low price yesterday stalled at $85.74.
Crude oil rallied after the weekly inventory data