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June 30, 2023A mostly flat day so far for WTI crude oil, ranging between $69.59 and $70.73; currently at $70.19 per barrel.
United States Core PCE Price Index (MoM) (May) is next.
This uncertain state for WTI crude oil is reflected by published market data as highly important Pending Home Sales data from United States beat analyst expectations of -0.5% with a reading of -2.7%. Highly important GDP data from United States beat analyst expectations of 1.4 with a reading of two. United States Initial Jobless Claims came out at 239,000, better than analyst estimates of 266,000 and improving upon the previous reading of 265,000.
US crude oil chart analysis: Crude Oil is approaching key support, around $1.24 away from $68.95. 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. Trend analysis indicates that WTI crude oil made an initial breakout above its 21 day Simple Moving Average at $70.17, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that West Texas crude's upper Bollinger Band® is at $72.51, suggesting that a downward move may follow.
Overall, while WTI crude has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Energy as having closed the previous session at $2.42, Heating Oil is up 1.06% today to currently trade at around $2.44. Brent Crude Oil trades around $74.75, with no major change.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (May) is scheduled for today at 12:30 UTC. United States Core PCE Price Index (YoY) (May) will be released today at 12:30 UTC.
WTI crude oil hit a significant low of $67.25 around 18 days ago, but has since recovered 3.88%.
