Losing streak continues: US crude oil down 1.1%, closes at $70.09, making it the 4th consecutive day of losses

Yesterday at a glance: bearish sentiment ensured WTI crude oil finished yesterday's session lower. However, despite the downward bias, WTI crude oil etched out a distinct $69.93 to $71.78 session range.

Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 195,800, while the previous figure was 195,600. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 21,400, while the previous figure was 13,300.

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, WTI crude peaked above its 10 day Simple Moving Average around $71.72 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $67.24, a low enough level to, generally, suggest that WTI crude oil is trading below its fair value.

Technical analysis indicates that WTI crude (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% yesterday and closed at $2.35. After ending yesterday's session at $75, Brent Crude Oil lost 86 cents and is trading around $74.14.

Though US crude oil has been dropping, other Energy have been performing better: Natural Gas added 4% and closed around $2.19 yesterday.

WTI crude oil is up 3.84% from the significant low of $68.25 it hit 10 days ago.