WTI crude oil futures are settling lower on the day
WTI crude oil futures are settling at $72.56. That is down -$1.15 or -1.56%. The high price reached $73.89. The low price was at $71.80. Looking at the hourly chart, the low price today reached toward its 100 hour moving average currently at $71.70. Moving below that level would increase the bearish bias in the short term. Risk focused buyers leaned against the level today.
The oil inventory data today showed a larger than expected build of 2.951 million barrels versus -0.917 million drawdown estimate. However, the build was below the API estimate last night of 3.618 million. Gasoline and distillates showed large and expected drawdowns, neutralizing the data.
This article was originally published by Forexlive.com. Read the original article here.