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Showing posts with the label WTI June crude oil contract settles at $102.19

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WTI June crude oil contract settles at $102.19

WTI June crude oil contract settles at $102.19 Crude oil settles at $102.18 barrel The price of WTI crude oil futures for June settlement are up $0.14 at $102.19. The May contract which goes off the board today settled at $102.75 up $0.19 or 0.19%. The price action was up and down choppy today. The weekly inventory data showed a much higher-than-expected drawdown of -8.02 million barrels. The expectations was for a 2.471 million barrel increase. Despite the sharp drawdown, the price of of crude oil saw selling which took the price back below its 50% retracement of the move up from the April 12 low (at $101.07), and the 200 hour moving average currently at $100.97. The price also cracked below the $100 level but stalled the fall at $99.88 before rebounding into the settlement.The contract trades near the middle of the 100 hour moving average above at $104.66, and the rising 200 hour moving average below at $100.97 (which is near the 50% midpoint at $101.07). The good news for buyers is

 


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