The price of WTI crude oil futures settled at $69.56. That's up $1.86 or 2.75% on the day.
The low price reached $67.05. The high was at $69.73.
The move to the upside was helped by a much greater-than-expected drawdown of -9.603 million barrels in the EIA weekly crude all inventory data. The expectation was for a drawdown of -1.757 million barrels. The private data released late yesterday had a drawdown of -2.408 million barrels.
Looking at the hourly chart below, the low price today moved into the swing area of recent lows going back to May 31. That swing area comes between $66.77 and $67.27 (the low price reached $67.05).
The rotation higher up by the inventory data has now seen the price move back above its 100-hour moving average is $68.93. The 200-hour moving average remains a higher target at $70.18 (and moving lower). Move above that moving average in the bias turns more to the upside.
Looking at the price action going back to early May, there has been a lot of up-and-down volatility. The floor is solid at the aforementioned swing area (see red circles in your area). The topside of the range is a bit more variable. In between sits the 100 and 200-hour moving averages.
