After four consecutive days of gains, US crude oil is down 57 cents today

Struggling to find upward momentum, US crude oil has shed 57 cents to currently trade at $73.14 per barrel as it ranges between $73.1 and $73.64 so far today.

United States Core Consumer Prices is next today at 12:30 UTC.

While price action maintains a negative bias, United States API Weekly Crude Oil Stock came out at 3.62 million, while a consensus of analysts was expecting -1.6 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.695, while the previous figure was 3.81.

Technical analysis shows that Crude Oil could begin to recover as it approaches significant support, now $1.15 away from $72. Dipping below could be an indication that further losses are ahead.

Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000. It previously stood at -1.28 million; data will be released today at 14:30 UTC.

Furthermore, United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.1%; data will be released today at 12:30 UTC.

WTI crude hit a significant low of $68.25 around 7 days ago, but has since recovered 8%.