Crude oil futures settled at $61.78. That is down $0.59 or -0.95%
- Crude oil inventories rose by 1.792 million versus 0.744 million except expected.
- Gasoline inventories were also higher at 4.125 million versus 3.450 million estimate.
In addition, crude prices are sliding on concerns about a global supply glut as OPEC+ is set to increase its crude production levels.
Technically, the low price stalled right near the low of a swing area going back to August 14. There have been a number of different swing lows on the daily chart between $61.45 and $61.94 (see red numbered circles on the chart below). The low price today, stalled at $61.40. Moving below the floor would open the door for more selling with $60 being a downside target. The low price for the year was $55.15 reached back in April.
