Crude oil for August settled up $0.58 at $81.29. That’s up $0.58 or 0.71%
Today, EIA weekly inventory data showed
- Crude oil stocks had a drawdown of-2.547M versus expectations of a drawdown of -2.200 million barrels
- Gasoline stocks had a surprise drawdown of -2.280 million versus expectations of a build of 0.620 million barrels
- Distilates showed a surprise drawdown of -1.726 million versus expectations of a build of 0.261 billion barrels
Technically the price has now been up 4 the last 5 trading days (with only a small -$0.15 fall on Wednesday).
During the run higher, the price moved and closed above the 100/200 day MAs on Monday. THose MAs come in at $79.58 and $79.37. The price is also above the 50% of the move down from the April 5 high to the low reached in Juen. That level comes in at $80.01.
This article was written by Greg Michalowski at www.forexlive.com.
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