WTI June crude oil contract settles at $102.19

Crude oil settles at $102.18 barrel The price of WTI crude oil futures for June settlement are up $0.14 at $102.19. The May contract which goes off the board today settled at $102.75 up $0.19 or 0.19%. The price action was up and down choppy today. The weekly inventory data showed a much higher-than-expected drawdown of -8.02 million barrels. The expectations was for a 2.471 million barrel increase. Despite the sharp drawdown, the price of of crude oil saw selling which took the price back below its 50% retracement of the move up from the April 12 low (at $101.07), and the 200 hour moving average currently at $100.97. The price also cracked below the $100 level but stalled the fall at $99.88 before rebounding into the settlement.The contract trades near the middle of the 100 hour moving average above at $104.66, and the rising 200 hour moving average below at $100.97 (which is near the 50% midpoint at $101.07). The good news for buyers is that the price decline could not sustain momentum below the 50% and 200 hour moving average. Other positive news for crude oil includes Shanghai lockdowns are starting to be eased.Russian production declined by 7.5% in the first half of April from March, EU governments said last week the bloc's executive was drafting proposals to ban Russian crude. In Libya, protests are forcing plant closures, leading to force majeure on delivery condeliveries, and in that impact production by 500,000 barrels per day .