Crude oil futures are settling at $81.63. That’s up $0.47 or 0.58%. The high price reached $82.05. The low price was at $80.88.
The weekly cruel inventory data was released earlier today and showed a huge drawdown of -10.584M versus expectations of -3.267M. That comes after a -6.135M draw last week.
Gasoline stocks fell by -0.214M which was better than the expected draw of -0.933M.
Technically, the price remains above its 100 and 200-hour moving averages currently at $80.22 and $80.03 respectively. On the topside, the high price extended above the 61.8% retracement of the move down from the August high to the August low. That level comes in at $81.81. The high price reached $82.05, but could not sustain momentum above the $82 level before rotating lower into the settlement. Going forward, a move above $81.81 should be more bullish technical.