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April 12, 2023Stable at $81.58 and still trending upwards, Today's session might suggest a slow down — US crude oil trades at $81.58 per barrel, after ending yesterday at $81.53.
United States Core Consumer Prices is next.
US crude oil's state is reflected by market data as United States API Weekly Crude Oil Stock came out at 377,000, while a consensus of analysts was expecting -1.3 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.81, while the previous figure was 4.635.
Crude Oil's upper Bollinger Band® is at $83.55, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests WTI crude oil is positioned for a downward move in the near term.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -583,000. It previously stood at -3.74 million; data will be released today at 14:30 UTC. United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released today at 12:30 UTC.
WTI crude oil has fallen back around 33.22% from the significant high of $122.09 set 10 months ago.
