The price of West Texas Intermediate crude futures settled at $69.56. This represents an increase of $1.86, or 2.75%, per day.
The low price was $67.05. The highest level was at $69.73.
This rally to the upside was helped by a much larger than expected drop of -9.603 million barrels in the EIA’s all weekly inventory data. The forecast was for a decrease of -1.757 million barrels. The private data, released late yesterday, was down by -2.408 million barrels.
Looking at the hourly chart below, today’s low has moved into the swing territory of the recent lows and back to May 31st. This swing zone comes between $66.77 and $67.27 (low reached $67.05).
Alternating higher by stock data has now seen the price move back above its 100-hour moving average of $68.93. The 200 hourly moving average remains a higher target at $70.18 (and moving lower). A move above this moving average in bias turns more to the upside.
Looking at the price action going back to early May, there has been a lot of up and down swings. The floor is solid in the above swing area (see the red circles in your area). The upside of the range is a bit variable. In between sits the 100 and 200 hourly moving averages.