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June 09, 2023Today at a glance: West Texas crude slid down from $71.29 to $70.35 per barrel, losing 94 cents (1.32%) today.
Initial Jobless Claims in United States fell short of market expectations (235,000) with a reading of 261,000, continuing the decline from the previous figure of 233,000.
Meanwhile, United States CFTC Crude Oil speculative net positions released today at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600. United States CFTC Gold speculative net positions came out at 175,600.
Crude Oil could begin to recover as it approaches significant support, now 63 cents away from $69.72. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, US crude oil peaked above its 10 day Simple Moving Average around $71.35 — typically an early indicator of a new bullish trend beginning to emerge. West Texas crude's lower Bollinger Band® is at $68.82, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis indicates that West Texas crude (currently on a downtrend) might reverse course and start pointing upward in the short term.
9 days ago, WTI crude fell to a low of $68.06 but has since recovered 4.75%.
