The price of WTI crude oil settled at $80.61. The price is up $0.85 or 1.07%. The gains come despite another huge build in inventory levels. The build this week came in at 8.408M barrels vs -0.593M drawdown expected. Last week, the build was 18.962M barrels.
Looking at the daily chart, the high reached yesterday stalled at the 100 day MA currently at $82.57. Ultimately, if the price is to go higher, getting and staying above that level is needed to increase the bullish bias.
Gasoline stocks also increased this week by 3.483M barrels which comes after a build of 4.114M last week.
What are gasoline prices doing in the US?
The most recent numbers from AAA see the average price per gallon at $3.39. That is up from $3.14 a month ago, and up marginally from $3.31 last year.
