WTI crude oil settled at $77.41, up $2.29 or 3.21% on the day. Despite a huge build in inventories today of 18.962 million barrels, the price of crude oil rose by $2.29 or 3.21% today.
The gains came despite a 2.2 million draw, which was explained away as refineries shutting down for extremely cold weather. The private data predicted a build of around 14 million, so it was not a surprise.
Despite the gains, the price after the data release moved below the 200-hour MA and quickly rebounded. That comes in at $76.98. In addition, the price has moved above the 50% midpoint of the move down from the January high, which is more bullish.
