US crude oil continues trading sideways, currently at $80.8

It's been more of the same this session on the back of 5 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 $80.8 per barrel and ranging between $79.87 and $81.48.

US crude oil is currently trading at $80.8 following the release of Building Permits (Mar) data from the United States.

West Texas crude's state is reflected by market data as United States Building Permits (Mar) released today at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States Housing Starts published today at 12:30 UTC came out at -0.8%, falling short of the 0.4% projections and continuing its decline from the previous 7.3% figure. United States Building Permits came out at -8.8%, while a consensus of analysts was expecting -6%.

As the trading day comes to an end, chart analysis indicates Crude Oil bounced after reaching the $80.06 support zone, climbing 74 cents above it.

Meanwhile, mixed performances are seen in other Energy as Natural Gas gained 4% and is now trading at $2.37.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -2.46 million, following on from the preceding figure of 597,000. New data is set to be published tomorrow at 14:30 UTC.

West Texas crude is now trading 33.79% below the significant high of $122.09 it set around 10 months ago.