Crude oil inventory -6.858M versus -0.211 million estimate

• Prior week -0.961 million
• crude oil inventory sees a drawdown of -6.858 million versus expectations at -0.211 million.
• Distillates inventories drawdown of -3.362M versus -1.735M estimate
• Gasoline drawdown -5.941M vs estimated -1.903M

The price of crude oil has moved higher after the largely expected drawdowns. The high price reached $60.71. The current price is at $60.61 up $0.45 on the day.

Looking at the hourly chart, the price is currently trading between the 200 hour moving average below at $59.34, and the 100 hour moving average at $61.15. The price is also finding support above and below the $60 level with a swing area at $59.78 up to $60.10.

Moving below would be more bearish

On the topside, there is the 100 hour moving average at $61.16 and above that a swing area between $61.45 and $61.94.

This article was written by Greg Michalowski at investinglive.com.