Mixed sentiment sees West Texas crude ending the day broadly flat; establishes tight $67.35 to $69.65 range

As the current session draws to a close, WTI crude remains in the $67.35 – $69.65 range after dropping 0.01%.

WTI crude oil is currently trading at $69.5 following the release of Services PMI data from the United States.

Uncertainty around West Texas crude is reflected by published market data as United States Services PMI came out at 54.1, while a consensus of analysts was expecting 54. Following a previous reading of 7.92 million, Crude Oil Inventories in United States released yesterday at 15:00 UTC fell short of the 329,000 figure expected by analysts with an actual reading of -3.83 million. United States Existing Home Sales (May) released yesterday at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million.

Following today's trading session, chart analysis suggests Crude Oil is climbing away and is now $1.42 from the $68.08 support line. With regards to technical trend indicators, chart analysis show that 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. Having stamped out a session range of $67.35 to $69.65, Fibonacci-inclined US crude oil traders were highly concentrated around active Fibonacci support at $68.25. Asset volatility analysis shows that WTI crude's upper Bollinger Band® is at $73.76 and the lower is $67.84.

Overall, technical indicators suggest WTI crude has no obvious direction for the immediate future.

Meanwhile, mixed performances are seen in other Energy as Natural Gas is up 4.72%. Heating Oil withdraws 1.85% to trade around $2.42. Brent Crude Oil moves 0.24% to trade around $74.32.

US crude oil hit a significant low of $67.25 around 11 days ago, but has since recovered 3.36%.