US crude oil futures settle at $77.90

The price of crude oil futures is settling at $77.90. That is up $0.15 or 0.21%. Looking at the hourly chart below, the price how I tested the 38.2% retracement of the move down from the April high to the June low. That retracement level comes in at $78.22. The high price was just above that at $78.33 before rotating back to the downside.

If the buyers are to take more control getting and staying above that retracement level would show the buyers are a little more serious after the trend move lower from the April high.

The private inventory data will be released at 4:30 PM ET. Tomorrow the EIA will release its weekly inventory data with the expectations showing:

• Crude oil: Est. drawdown of -1.025M barrels
• Gasoline: Est. build of 0.891M barrels

This article was written by Greg Michalowski at www.forexlive.com.