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May 19, 2023It's been more of the same this session on the back of 6 days of flat trade, Today's session so far looks to be heading in a similar way — without a clear-cut direction, West Texas crude is trading around $72.31 per barrel and ranging between $71.72 and $72.46.
Uncertainty around West Texas crude is reflected by published market data as United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released yesterday at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3. Data for United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 242,000, beating projections of 254,000 and showing improvement over the preceding figure of 264,000.
Technical analysis of West Texas crude's past price action reveals multiple support and resistance levels: Crude Oil is approaching key support, around $1.03 away from $71.28. 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.
Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil gained 0.73% and is currently trading at $76.41. Heating Oil moves 0.56% to trade around $2.42.
Furthermore, the market is looking at United States Fed Chair Powell speech is scheduled for today at 15:00 UTC.
After hitting an important low of $68.25 approximately 16 days ago, WTI crude has bounced back 5.29% since.
