US crude oil futures settle the day at $47.82/BBL

Author: Greg Michalowski | Category: News

Up $0.16 or 0.34%

The price of crude oil futures are settling the day at $47.82/BBL. That represents a gain of $0.16 or 0.34%. The low price reached $47.30. The high extended to $48.23.

Today the DOE inventory data showed a lower than expected drawdown of -930K vs estimates of -3000K.  The price moved down to test a pretty decent support level between $47.01 and $47.38 (see post on the technicals driving the pair here).   The rebound has been modest but the day is still ending with modest gains, and the key support area is still holding.