WTI crude oil futures for June delivery settle that $109.59. That’s down $-2.81 or -2.5%. The high for the day reached $115.42. The low extended to $108.46.
The June contract last day of trading is May 20 (Friday). Most of the trading is now in the July contract is trading at a discount of $106.55 currently.
The price action today was focused on the potential for slowdown in the economy on the back of tighter central bank policy.
The weekly crude oil inventory showed a larger than expected drawdown of -3.394M barrels. The expectations was for a build of 1.383M. The drawdown did not influence the price action. Sellers were intent on pushing the price lower today.