Crude oil futures settle at $76.96

Crude oil futures are settling at $76.96. That is down $-1.44 or -1.84%. The price moved to a 6-week low (lowest since June 7)and fell for the 4th consecutive day. The price moved down close to 8% from the high last Wednesday.

Later today, the private oil inventory data will be released ahead of the EIA data tomorrow. Crude oil inventory is expected to have a draw of -1.583M barrels. Gasoline is expected to show a draw of -0.391M barrels and distillates are expecting a build of 0.249M barrels. Oil inventories have seen 3 consecutive weekly drops in US oil inventories. High US oil demand is being offset by weak demand from China.

Technically, the pair moved close to the next key target at swing area between $75.54 to $76.17. The low reached $76.40 just above the high of the swing area. The 50% of the move up from the December low comes in at $77.67. That is the resistance target now.

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