Risk-off mood drags West Texas crude 1.32% lower

A quick look at Friday: West Texas crude slid down from $71.29 to $70.35 per barrel, losing 94 cents (1.32%) today.

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. 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. West Texas crude 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.

Technical analysis shows that West Texas crude (currently on a downtrend) might reverse course and start going up in the short term.

WTI crude's value drop coincided with the fact that Natural Gas descends 3.83% Friday and closed at $2.35. Brent Crude Oil lost 1.28% Friday and closed at $75.96. Heating Oil lost 1.07% Friday and closed at $2.39.

Having set a significant low of $68.06 11 days ago, WTI crude oil is trading 4.75% higher.