Crude oil futures fall $-1.25 down -2.9%
The price of WTI crude oil futures is settling at $41.51. That’s down $1.25 or -2.92%.
The high price reached $42.21. The low price extended to $41.23.
The move down today fell below its 50% retracement of the 2020 trading range at $42 for the October contract. The declines also came despite much larger than expected drawdown in crude oil inventories of -9.362 million barrels (expectations -2.0 million barrels). Gasoline inventories also had a larger drawdown of -4.32 million vs. -3.05 million estimate.