Crude oil prices have been very volatile today with the price first moving higher to a high of $67.58, then moving lower to a low at $65.63 before rotating back to the upside and making new high price up to $67.97. The high price today got within $0.16 of the falling 100 hour moving average (blue line currently at $68.13).

Note on Tuesday, the high price got within a similar distance on two separate occasions only to find willing sellers against that moving average level. It will take a move above the 100-hour moving average to increase the bullish bias from a technical perspective at least in the short term.

The last time the price traded above its 100-hour moving average was back on August 30.

Despite a smaller-than-expected inventory build and the rebound, oil prices remain near their lowest point since May 2023 due to concerns over weakening demand, particularly in China. OPEC’s decision to lower its demand growth forecast and slowing crude oil imports from China contributed to the decline.

The EIA has reduced its oil price projections for Q4 and 2025, and the threat of Hurricane Francine in the Gulf of Mexico poses a risk to refinery operations.