Crude oil settles at $78.99

The price of crude oil is settling the day at $78.99. That is up $0.61 or 0.78%. The price is settling near the high for the day at $79.11. The low for the day came in at $76.92.

For the 4th day in a row, the price toyed with the 100-day MA but settled above the MA at end of the day. That 100-day MA is at $78.22. The 200-day MA is taat $80.06, and would be the next key target to get – and stay above – if the buyers are to wrestle back more control from a technical perspective from the sellers.

The inventory data was released today with mixed results:

• Crude oil showed a larger than expected drawdown of -1.362M vs expectations of -1.066M
• Gasoline showed an unexpected build of 0.915M vs expected -1.255M drawdown
• Distilates showed a build of 0.560M vs an expected drawdown of -1.098M
• Cushing showed a build of 1.880M vs last week’s build of 1.089M

geopolitically, although there is hopes of a solution to the Gaza situation in Isreal, there are still issues that have yet to be resolved. That keeps the door open for a potential escalation in Rafah in the near future.

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