The price of crude oil is settling at $62.55. That is up $0.82 or 1.33%. The high for the day reached $62.92. The low was at $62.05.
From a technical perspective, today’s price action has been encouraging for buyers. The market held above a swing area floor that previously acted as a barrier in both August and September (see yellow area on the chart above).
Although the price briefly dipped below this level on October 1 and spent much of the past two sessions trading beneath it, today marked a shift. The market extended back above the floor and, importantly, has been able to remain there. This resilience gives buyers renewed confidence that the level may once again serve as a base of support, opening the door for a potential push higher if momentum builds.
For sellers, getting back below the old floor area between $61.45 and $61.94 would be needed to give the sellers firm control from a technical perspective.
The weekly crude oil inventory data released earlier today showed a build 3.715M barrels versus expectations of 1.830M. However, gasoline inventories showed a drawdown -1.601M v -0.690M estimate and distillates showed a drawdown of -2.018M versus expectations at -0.842M .
