Settles back down below the $70 level.

The price of crude oil futures are settling down nine cents or -0.13% at $69.96 after trading above and below the key $70 level over the last 24 trading hours.

The high price reached $70.62. The low price extended to $69.46.  Today crude oil inventories showed a bigger than expected drawdown of -5.241 million barrels, but gasoline inventories were up 7.046M barrels (and above estimates of 1.200M.  

Looking at the hourly chart above, the price decline today did find early buyers against its rising 100 hour moving average at $69.44 ( the low price reached $69.46).  Going forward if the price can remain above the 100 hour moving average, the buyers remain firmly in control. A move below and staying below, would put the sellers in control.



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