Crude oil inventories draw -2.032M versus an estimate -0.833M draw | Forexlive
- Crude oil inventories -2.032 million versus estimate -0.833 million. The private API data released late yesterday showed a draw of -4.49 million
- Gasoline inventories build of +0.188 million versus drawdown of -1.600 million estimate.
- Distillates inventories draw of-1.107 million versus estimate of -1.271 million.
Below are the weekly API inventory data released late yesterday:
Crude oil is trading down $0.46 at $58.62. The high price today reached $60.22. The low price is at $58.59. Looking at the hourly chart, the price is approaching its rising 100 hour moving average of $58.26. Earlier today, the price moved above its 200-hour moving average (green line in the chart below) currently at $59.70. It also extended about the 50% midpoint of the move down from the April 23 high. That level comes in at $60.08. However, momentum about the 50% midpoint level and the natural resistance at $60, faded fairly quickly.
Crude oil technicals
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