Muted session threatens to disturb WTI crude's ongoing uptrend

On a 7 day uptrend, Today's session might suggest a slow down — West Texas crude trades at $77.75 per barrel, after ending yesterday at $77.69.

United States Initial Jobless Claims is next.

Uncertainty around WTI crude is reflected by published market data as data for United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million. United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 307,000, while the previous figure was 700,000.

Crude Oil's upper Bollinger Band® is at $80, suggesting that a downward move may follow.

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

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000. United States ISM Non-Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.

Over the past 11 months, US crude oil has retreated 37.73% from a noteworthy peak of $124.77.