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June 22, 2023Stable at $72.47 and still trending upwards, Today's session might suggest a slow down — a mostly flat day so far for US crude oil, ranging between $72.39 and $72.55; currently at $72.47 per barrel.
WTI crude oil's state is reflected by market data as United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -1.25 million, while the previous figure was 1 million. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 4.01, while the previous figure was 3.954.
Crude Oil's upper Bollinger Band® is at $74.06, suggesting that a downward move may follow. On the other hand, note that WTI crude is approaching key support, around $1.2 away from $71.27. 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 West Texas crude is positioned for a downward move in the near term.
Furthermore, the market is looking at United States Crude Oil Inventories projected to decline to 1.87 million while previous data was 7.92 million; data will be released today at 15:00 UTC. United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released tomorrow at 13:45 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released today at 12:30 UTC.
WTI crude oil hit a significant low of $67.25 around 10 days ago, but has since recovered 7.85%.
