Crude oil futures are settling at $78.63. At up $0.61 or 0.80%.The high price today reached $78.80. The low price was at $76.70. The low price traded to the lowest level since February 27 before bouncing higher. Technically the price is closing back above its 100-day moving average at $78.48. Despite moves above and below that moving average, momentum to the downside starts, but cannot be maintained.Today, the inventory data showed a larger than expected drawdown in crude oil. That helped to reverse the trend back to the upside. Below are the results:Crude -2508K vs -543K expGasoline -235K vs +537K expDistillates -45K vs +824K expProduction 13.1mbpd vs 13.1 mbpd priorRefinery utilization +1
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