Weekly crude oil inventories -2.392 million versus -1.863 million estimate. | investingLive

• Crude oil inventories -2.392 million versus -1.863 million estimate.
• Gasoline inventories -1.236 million versus estimated -2.154 million.
• Distillates -1.786 million versus estimate of a build of 0.885 million.
• Cushing drawdown of -0.838 million versus last week’s build of 0.419 million.

The price of crude oil is trading at $63.82. That is up $0.57.

Technically, the price of crude oil has rebounded back above its 100-hour moving average at $63.72. Yesterday, sellers managed to push the market below that level, but dip buyers stepped in near the 200-hour moving average (green line on the chart).

Earlier today, the price broke beneath the 200-hour MA and attempted to hold lower. However, over the past several hours, momentum has shifted back to the upside, with the latest data helping lift the market back above the 100-hour MA.

For traders, the 100-hour and 200-hour moving averages now frame the near-term battle lines. A sustained move back below the 100-hour MA would neutralize the bias and reestablish a tug-of-war between buyers defending the 200-hour support and sellers leaning against the 100-hour resistance.

For now, however, the buyers are in control at least in the short term, with the move back above those moving averages.