US crude oil settles at $49.62 /BBL

Up $0.06 or +0.12%

The price of crude oil settled at $49.62 /BBL. That is up +$0.06 or 0.12%. 

The high extended to $50.20. The low reached $48.94. 

Today, the DOE US crude oil inventories showed a greater than expected drawdown of -3641K barrels. That was greater than the 1750K estimate.  That sent the price of crude sharply to the upside. However, the price retraced back lower in to the close. 

Technically, the price tested but remained just above the 200 day MA at $48.93 (low reached $48.94). That is good news for buyers and defines the risk for the longs (i.e. buyers).  

The price does remain below the 50 and 100 day MAs though at $51.79 and $51.005 respectively. 

US crude oil settles at .62 /BBL
US crude oil settles at .62 /BBL
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