Mixed sentiment sees WTI crude ending the day broadly flat; establishes tight $79.74 to $79.94 range

US crude oil is now trading at $79.94 per barrel after tracing out a steady $79.74 – $79.94 range today.

Crude Oil's upper Bollinger Band® is at $82.97, suggesting that a downward move may follow. On the other hand, note that West Texas crude is approaching key support, around 75 cents away from $79.19. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite the market lacking direction, technical chart analysis strongly suggests WTI crude is positioned for a downward move in the near term.

Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil moves 0.15% to trade around $84.31.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million, having previously been at -3.74 million. The figure will be published tomorrow 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 tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC.

West Texas crude reached a significant high of $122.09 around 10 months ago but has lost 34.69% since then.