Technical Analysis

Crude oil futures today settled that $60.43.

That was up $2.60 or 4.5%.

The price of crude oil futures settled today at $60.43. That was up $2.60 or 4.5%. 

The catalyst was the larger than expected drawdown of crude oil inventories. They fell -9.499K vs -3.0K estimate. The sharp drawdown was even higher than the private estimate of -8.129K release at the end of the session yesterday. 

Technically, the price today moved back above its 200 and 100 day moving averages at $58.44 and $59.10 respectively. The contract also moved above a topside trend line at $59.49. A new July high was also breached above $60.28

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