WTI crude oil futures settle at $75.35

<p>The price of WTI crude oil futures are settling at $75.35. That is down $0.40 or -0.53%. The low price today reached $75.02. The high price extended to $76.87</p><p>Technically, the price high approached the falling 200-day moving average at $77.24, but stayed comfortably below. Recall from last week, the price, tested that 200 day moving average on Thursday and Friday, before rotating back to the downside. On Monday and Tuesday of this week, the 100-day moving average at $73.68 was tested at session lows. </p><p>The last 7 trading days have closed between the 100-day moving average below, and the 200-day moving average above.</p><p>Fundamentally, oil inventory data showed:</p><ul><li>A drawdown of -708K barrels for the week ending July 14, 2023, which was less than the expected drawdown of -2440K barrels.</li><li>The previous week had reported a build of +5946K barrels.</li><li>Gasoline inventories saw a drawdown of -1066K barrels, compared to an expected drawdown of -1577K barrels.</li><li>Distillates inventories saw a slight build of 14K barrels, which was less than the expected build of 460K barrels.</li><li>Refinery utilization saw a rise of 0.6%, surpassing expectations of no change.</li></ul>

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