The price of WTI crude oil futures for February delivery is closing up $2.06 or 2.68% at $78.29.
The high price reached $78.46. The low price was at $75.82. Helping to push the price higher was the weekly oil inventory data which showed a drawdown of crude stocks of -5.894M barrels which was much higher than the -1.657M estimate. Gasoline stocks did rise however by 2.53M which was higher than the 2.140M estimate.
There is a cold front sweeping across the US as well which has prices moving higher as well.
The move to the upside today saw the contract extend above the 100 hour moving average, and base against that level near the $75.80 level. The high price today is reaching to the highest level since December 5. The 38.2% retracement of the move down from the November 7 high comes in at $79.16. That is the next upside target.
