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

NBA annual survey says Thunder will repeat, Nuggets’ Jokic as MVP

Tim BontempsOctober 9, 2025, 11:46 a.m. ETCloseTim Bontemps is a senior NBA writer for ESPN.com who covers the league and…

3 weeks ago

Donald Trump to present Ben Carson with the Presidential Medal of Freedom

Former Secretary of Housing and Urban Development Dr. Ben Carson, recently named National Nutrition Advisor at the U.S. Department of…

3 weeks ago

Federal health insurance premiums will see another significant increase in 2026

Federal employees and annuitants are heading into another year of sharp increases in their health insurance premiums, both under the…

3 weeks ago

Drake’s Lawsuit Against Kendrick Lamar’s ‘Not Like Us’ Dismissed by Judge

A federal judge on Thursday (Oct. 9) dismissed Drake's defamation lawsuit against Universal Music Group over Kendrick Lamar's "Not Like…

3 weeks ago

10/9: CBS Morning News – CBS News

10/9: CBS Morning News - CBS News Watch CBS News Israel and Hamas agree to first phase of Gaza peace…

3 weeks ago

Letitia James, who sued Trump, indicted for alleged bank fraud: NPR

New York Attorney General Letitia James speaks during a news conference January 8, 2025 in New York. Michael M. Santiago/Getty…

3 weeks ago