Up $ 0.49 or 1.18%
The price of the September WTI crude oil futures contract is $ 42.19. This represents an increase of $ 0.49 or 1.18%. However, it’s a far cry from the hefty price tag of $ 43.52.
The price rise was boosted by a higher than expected API drop of around -8.4 million barrels released yesterday towards close of trading. While DOE data today shows a -7.3M pullback, it didn’t quite match the API numbers. As a result, the price started to drop from the highs.
Technically, the price is closing above its 50% retracement of the downward movement from the 2020 high at $ 41.71. Staying on top would keep buyers more in control.
At the high, the price moved closer to its 200-day moving average of $ 43.92, but fell below. If price is to make more inroads into the steep declines of 2020, breaking the 200-day moving average is a technical target that would move the technical bias further up.