Three straight days of declines
The move lower is the 3rd consecutive down day. The price is trading at the lowest level since July 20.
Crude oil stockpiles rose by a surprise 3.6M barrels vs expectations of -3.1M barrels.
WTI crude oil prices are now down over 7% over the last 3 days and on pace for it’s worst week since October 2020.
Technically, the price of crude oil is approaching its 100 day MA at $67.04 (and moving higher). The low price today reached $67.88 (see blue line in the chart below). Back in July, the price did dip below that key MA level only to find buyers and close the day back above the level. A break and close below would be more bearish.
CLICK HERE for TradingView chart.