Bearish run continues, WTI crude oil down to $66.94 (-1.03%)

West Texas crude has been losing ground for 7 days, shedding a total of 17.03% of its value. More of the same today: US crude oil is down to $66.94 per barrel, after ending yesterday at $67.64. Overall, a 1.03% loss or 70 cents today.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. A crossing of the lower Bollinger Band® at $71.03 suggests further losses may follow for WTI crude oil. On the other hand, note that first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In West Texas crude's case, the RSI has fallen below 30, indicating the asset is oversold.

Looking forward, WTI crude is poised to extend its strong downtrend and continue declining.

In the meantime, negative performances are also seen in other Energy as Heating Oil is down to $2.66, losing 3.13 cents, after closing at $2.69 in the preceding trading session.

Energy have been showing mixed performances as Natural Gas trades around $2.24, with no major change.