Crude oil back down after sharp crude drawdown price spike higher fails/reverses - ConsultFX

Crude oil back down after sharp crude drawdown price spike higher fails/reverses

Back below the 100 and 200 hour MAs The weekly crude oil data showed a huge drawdown of crude oil inventories of -12633K (vs -3788K estimate).   The drawdown sent the price of crude oil higher, with the price reaching $74.04 (from the session lows of $72.60).  However, the rise could not be sustained and the price of the