WTI crude oil future settle at $69.56

<p>The price of WTI crude oil futures settled at $69.56. That's up $1.86 or 2.75% on the day.</p><p>The low price reached $67.05. The high was at $69.73.</p><p>The move to the upside was helped by a much greater-than-expected drawdown of -9.603 million barrels in the EIA weekly crude all inventory data. The expectation was for a drawdown of -1.757 million barrels. The private data released late yesterday had a drawdown of -2.408 million barrels.</p><p>Looking at the hourly chart below, the low price today moved into the swing area of recent lows going back to May 31. That swing area comes between $66.77 and $67.27 (the low price reached $67.05).</p><p>The rotation higher up by the inventory data has now seen the price move back above its 100-hour moving average is $68.93. The 200-hour moving average remains a higher target at $70.18 (and moving lower). Move above that moving average in the bias turns more to the upside.</p><p>Looking at the price action going back to early May, there has been a lot of up-and-down volatility. The floor is solid at the aforementioned swing area (see red circles in your area). The topside of the range is a bit more variable. In between sits the 100 and 200-hour moving averages.</p>

This article was written by Greg Michalowski at www.forexlive.com.