Continuing its four day losing streak, US crude oil further drops by 1.1% to close at $70.09

A quick look at today: down on the day: WTI crude oil closed at $70.09 per barrel after ranging between $69.93 and $71.78.

United States Producer Price Index fell short of the 0.3% projections, with new data of 0.2%. Highly important Initial Jobless Claims data from United States beat analyst expectations of 245,000 with a reading of 264,000.

Amid the market gloom, United States CFTC Crude Oil speculative net positions released today at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800.

Crude Oil could begin to recover as it approaches significant support, now 69 cents away from $69.4. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, US crude oil peaked above its 10 day Simple Moving Average around $71.72 — typically an early indicator of a new bullish trend beginning to emerge. West Texas crude's lower Bollinger Band® is at $67.24, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, looking at the technical analysis landscape, it seems US crude oil —which is currently on a downtrend— might reverse course and start pointing upward in the short term.

US crude oil's value drop coincided with the fact that Heating Oil lost 2.03% today and closed at $2.35. After ending today's session at $75, Brent Crude Oil lost 86 cents and is trading around $74.14.

Positive performances can be seen by looking at other Energy markets as Natural Gas is trading around $2.28 after ending today's session at $2.19 (up 4% today).

Having set a significant low of $68.25 9 days ago, WTI crude oil is trading 3.84% higher.