Rebounds after recent weaknessThe price of crude oil is settling the day at $60.60. That is up $1.41 or 2.38%.
The lower dollar helped to support commodities today. Also the inventory data showed that although crude oil inventories had a build of 1841K, that was less than the 3100K estimate and the private build from yesterday at 3.947M.
The high today reached $60.90. The low fell to $58.20.
Technically, looking at the hourly chart below, the price bottomed today near the spike low from last Friday. That helped the buyers. The other bullish catalyst was the break above the 100 hour MA (blue line at $59.77 now). The price moved up to that line on the data today, backed off and has broken through over the last few hours.
The next targets come in at the 38.2% at $61.35 and then the falling 200 hour MA at $61.79. I would expect some stall against each of those levels on a test.
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