The price of crude oil futures are settling at $72.19. That is down $0.51 or -0.70%. The high price reached $74. The low price was at $71.06. The price is settling right around its 100 hour moving at $72.11.
In the weekly inventory data, the EIA announced a notable drawdown of 5 million barrels. This was significantly counterbalanced by a net build of 21 million barrels in products including a 10.09 million building distilates and a 10.90 million build in gasoline stocks. Both gasoline and distillate stocks reached their highest levels since January 2022.
Following the EIA data release, prices dropped to lows of near $71, before rebounding back toward the $72.
Tomorrow, the price will likely take its cues from the US jobs data which will be released at 8:30 AM ET. Will the job data show weakness or will it remain steady as she goes.
A weaker release would likely influence the the price of oil to the downside on slower growth concerns. Conversely, a stronger employment report should see a rotation back to the upside. The 200-hour moving average currently comes in at $73.22. That would be an upside target to get to and through if the buyers are to take back more control.
Crude oil price falls in trading today