Crude oil futures stand at $86.21. This represents an increase of $0.98 or 1.15% on the day.
Crude oil rebounds above the 100 hourly moving average
The highest price of the day reached $86.32. The low price was $84.58. The price stabilizes near the high of the day.
Looking at the hourly chart, the price low extended just below the April 4 low at $84.61 before rebounding higher. The latest rise also brings the price back above its 100 hourly moving average at $86.07. Staying above this moving average would be more optimistic from a technical point of view.
Weekly inventory data was released earlier today
- Crude oil showed an increase of +5841K against 2366K expected
- Gasoline +715K versus -1320K expected
- Distillates +1659K vs -1153K expected
- Production 13.1 mb/d compared to 13.1 mb/d previously
- Implicit demand for mogas: 8.61 Mb/d compared to 9.24 Mb/d previously
API data published last night:
- Raw +3034K
- Gasoline -609K
- Distillates +120K
Oil initially fell 40 cents according to the data, but quickly eased the decline.
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