WTI Crude futures settle at $52.25 / barrel

Technical Analysis

Author: Greg Michalowski | wti

Up $1.43 or 2.81%

The WTI crude oil futures are settling at $52.25 per barrel that's up $1.43 or 2.81%.

The high price extended to $52.78  while the low  was at $50.75.   Support remains near the $50.00. 

Today the inventory data showed a greater than expected increase in supply. That sent the price down to the lows, but the covering started, and the price raced back higher (see intraday chart below).  The last hour has seen a rotation back lower, but remains well above the low and close from yesterday.