Prior week -0.961 millionCrude oil inventory drawdown of -6.858 million versus expectations at -0.211 million. Distillates inventories drawdown of -3.362M versus -1.735M estimateGasoline drawdown of -5.941M vs estimated -1.903M
The price of crude oil has moved higher after the larger than expected drawdowns. The high price reached $60.71. The current price is at $60.61 up $0.45 on the day.
Looking at the hourly chart, the price is currently trading between the 200 hour moving average below at $59.34, and the 100 hour moving average at $61.15. The price is also finding support above and below the $60 level with a swing area at $59.78 up to $60.10.
Moving below would be more bearish
On the topside, there is the 100 hour moving average at $61.16 and above that a swing area between $61.45 and $61.94.
This article was written by Greg Michalowski at investinglive.com.