WTI crude oil futures settle at $40.90

Up at $0.28 or 0.69%

Despite a larger build in crude oil inventories, the price of WTI crude oil futures are settling at $40.90. That is up $0.28 or 0.69%.

Crude oil inventories showed a surprise 5.654M barrel build in the current week. That was higher than the -3.25M expected draw and even higher than the 2.0M build from the private estimate released near the close of trading yesterday. 

The high price today reached $41.08. The low price reached $40.30.

Looking at the daily chart below, the price high got close to the 50% retracement of the move down since the January high for the August contract. That level comes in at $41.25 the high price was within $0.17 above that level. Get above is more bullish from a technical perspective.