Up 1.55 or 2.68% on the day
The price of crude oil futures is settling at $59.38, up $1.55 or 2.68%.
The high reached $59.93 – just below the $60 level. The low was down at $58.65
Crude oil inventories today had a huge drawdown of -12788K vs expectations of – 2873K. Iran/US tension may also be contributing to the gain today.
Technicals were also more bullish. Looking at the daily chart below, the price moved higher in away from the 50% midpoint at $58.60 (the low reached $58.65). The contract also extended above both its 100 and 200 day moving averages at $58.67 and $58.96 (blue and green lines in the chart above). All are bullish.
The next target will be to get above the $60 level and then the $60.49 level which is where the 61.8% retracement of the move down from the April high comes in.