Crude oil futures are settling at $85.43. That is up $0.28 or 0.33%.
The high price for the day reached $86.20. The low price was at $84.85.
The weekly inventory data showed that crude oil stocks showed a build of 3.210 million barrels. The expectations was for a draw of -1.511 million barrels. Gasoline stocks in distilates however showed larger than expected drawdowns.
- Gasoline drawdown -4.256M versus -0.820M estimate
- Distilates drawdown -1.268M versus -0.604M estimate
The OPEC JMMC reaffirmed the compliance to production as expected.
The price is up for the fourth consecutive day. Since bottoming on March 27 and $80.55, the price is up $4.89 or 6.07% (five days of trading). The price today treated to the highest level since October 24, 2023. The next major target comes in at the October 20, 2023 high at $89.95. The high price for all of 2023 reached $95.03.
Close support now comes against the 61.8% retracement of the move down from the 2023 high at $84.59. Below that, the March 2024 high at $83.12 is another support level on selling pressure.
For now, the buyers remain in control.