WTI crude oil futures settle at $79.49

The price of WTI crude oil futures are settling at $79.49 a barrel. That’s down -$1.88 or -2.31%. The low price today came in at $79.05. The high price was at $82.43. At the high, the price tested the low of a swing area on the daily chart between a $82.43 and $83.44 (see chart above). The low price tested another swing area near the $79 level.

An earlier video look at Crude oil, can be watched below.

The price moved lower today despite a record drawdown in weekly inventories

  • Crude oil, drawdown of -17049K vs -1367K estimate
  • Gasoline, build of +1480K vs -1300K estimate

The private data did show a large drawdown yesterday of -15400K and a drawdown of -1680K for gasoline..

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