Risk-off mood drags West Texas crude 1.32% lower

Yesterday at a glance: West Texas crude slid down from $71.29 to $70.35 per barrel, taking a 94 cents loss (1.32%)

Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600. Fresh CFTC Gold speculative net positions data from United States came out at 175,600. United States CFTC Nasdaq 100 speculative net positions came out at 8,800.

Despite being in the red so far in the current trading session, 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. US crude oil'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. Although US crude oil is down today and was as low as $70.1, it seems to be recovering slightly and climbing away from the $69.72 support line and is now 63 cents above it.

Overall, looking at the technical analysis landscape, it seems US crude oil —which is currently on a downtrend— might reverse course and start pointing upward in the short term.

WTI crude oil's value drop coincided with the fact that Natural Gas lost 3.83% yesterday and closed at $2.35. Brent Crude Oil is down to $75, losing 96 cents, after ending the previous session around $75.96. After ending yesterday's session at $2.39, Heating Oil lost 2.56 cents and is trading around $2.36.

WTI crude hit a significant low of $68.06 around 10 days ago, but has since recovered 4.75%.