Categories: Business & Economy

Crude oil futures settle at $62.55

The price of crude oil stands at $62.55. This represents an increase of $0.82 or 1.33%. The day’s high reached $62.92. The lowest was at $62.05.

From a technical perspective, today’s price action was encouraging for buyers. The market remained above a swing floor which previously served as a barrier in August and September (see the yellow area in the graph above).

Although the price briefly fell below this level on October 1 and has spent much of the last two sessions trading below it, today marked a change. The market returned above the floor and, above all, was able to stay there. This resilience gives buyers renewed confidence that the level can once again serve as a base of support, opening the door for a possible surge higher if momentum builds.

For sellers, it would be necessary to get back below the old floor area between $61.45 and $61.94 to give them firm control from a technical perspective.

Weekly crude oil inventory data released earlier in the day showed an increase of 3.715 million barrels against expectations of 1.830 million. However, gasoline stocks showed a decline of -1.601M compared to the estimate of -0.690M and distillates showed a decline of -2.018M compared to expectations at -0.842M.

Source link

Michael Johnson

Recent Posts

KISS Rocker Gene Simmons Hospitalized After Car Accident

Emilia Clarke's brain aneurysmEmilie Clarke filmed battle scenes for Game of Thrones, but in 2019 she published an essay in…

5 minutes ago

Sources: Friendly Argentina team moved to Fort Lauderdale amid unrest in Chicago

A friendly match between Argentina and Puerto Rico, originally scheduled for next week in Chicago, has been moved to Fort…

6 minutes ago

James Webb Telescope discovers ‘remarkable’ evidence that a black hole passed through a galaxy, leaving a huge scar behind

Astronomers have observed a gigantic cosmic “trail” in a distant galaxy. The trail of gas and dust may have been…

7 minutes ago

How Palisades fire arrest raises tough questions for LA firefighters

Federal investigators have determined that the wildfire that destroyed much of Pacific Palisades on Jan. 7 was a so-called "remnant"…

8 minutes ago

The usual standard bearers of the AI ​​boom are pushing the S&P 500 to new heights

(These are market notes on today's stock from CNBC senior markets commentator Mike Santoli.) Another clockwork attempt to erase yesterday's…

9 minutes ago

1984 anti-Sikh riots: Supreme Court to hear Sajjan Kumar’s plea against punishment on September 24

The Supreme Court on Wednesday (August 20) postponed hearing on appeals filed by former Congress leader Sajjan Kumar and former…

13 minutes ago