WTI crude oil futures for March delivery settle up $0.32 or 0.55%
The price of WTI crude oil futures are settling the day up $0.32 or 0.55% and $58.68. The high price for the day reached $58.91. The low price extended to $58.08.
The Department of Energy crude oil inventories showed a sharp unexpected decline of 6.64M barrels vs. expectations of -800K.
Looking at the hourly chart the price has moved more sideways over the last few days and broke below a channel trendline. However the downside yesterday stalled against lows from Monday at $57.32. The price moved higher.
The higher – to sideways market – has allowed for the 100 hour moving average to catch up with the price (blue line in the chart above). That moving average currently comes in at $57.59.
Until the price can move below the 100 hour moving average, the buyers still remain in control. That is the minimum. Getting below the $57.32 level is another close target that would give sellers more confidence.