Crude oil remains below its 100 day moving average
The price of WTI crude oil futures are settling at $80.15. That’s up to cents or +0.02%.
The high price for the day reached $81.23. The low price extended to $79.45.
Looking at the daily chart above, the price tried to move above its 100 day moving average on Monday, but failed and rotated back to the downside. The 100 day moving average is currently at $82.10
The EIA inventory data showed:
- crude oil showed a build 0.533 million barrels versus expectations of around 1 million barrels
- gasoline inventories showed an increase of 1.763 million barrels which was spot in line of the 1.767 billion barrel estimate
- distillates saw a drawdown of -0.507 million versus expectations of a drug that -1.121 million
This article was originally published by Forexlive.com. Read the original article here.