Crude oil futures settled at $80.71. That is a $0.99 or 1.24%. That is the highest level since April 30. Looking at the daily chart, the price is also closing back above its 100 and 200-day moving averages at $79.51 and $79.63 respectively. The price is also closing above its 50% midpoint of the move down from the April high to the June low at $80.06.
Weaker retail sales sent yields lower and the dollar lower. That help to strengthen the price of oil.
After the close the private inventory data will be released. The EIA will release their data tomorrow at 11 AM. THe expectations are for crude inventories to show a drawdown of -2.267 million. Gasoline inventories are expected to show a buildup 1.533M and distilates are expected to show a drawdown of -0.264M
This article was written by Greg Michalowski at www.forexlive.com.
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