Crude oil futures settle at $74.07

Crude oil futures are snapping a five-day decline that saw its price move down from $80.62 to a low yesterday of $72.48. The low price today reached $72.82. The high reached $74.22. At current levels, the process is still down over 8% over the last six trading days.

For the trading year, the is up $2.43 from the closing level at the end of 2023 or 3.42%. The high price for the year reached $87.67. The low price reached $69.28.

Today, the weekly inventory data showed that crude oil stops rose 1.233M vs -2.311M drawdown expected.Although that should have helped to send the price lower, the private data released late yesterday showed a higher build of +4.052M.

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