US crude oil moves up to $71.94 after a 7 day downtrend

West Texas crude has been losing ground for 7 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $71.33, West Texas crude is up to $71.94 per barrel, which makes for a move of 0.86%/61 cents today.

Meanwhile, United States Participation Rate (Feb) released yesterday at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. WTI crude has just crossed the lower Bollinger Band® at $72.82, indicating a downward correction could occur..

Overall, looking at the technical analysis landscape, it seems WTI crude is likely to reverse course and start pointing down in the short term.

Other Energy are showing mixed performance as Brent Crude Oil moves 0.58% to trade around $77.9. Heating Oil trades close to $2.73, with no major change.

Also worthy of note, tomorrow at 12:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of 3%. United States Core Retail Sales projected to come out at -0.1% — worse than previous data of 2.3%; data will be released tomorrow at 12:30 UTC. Projections for United States Producer Price Index are set for a continuation of decline with 0.3% while previous data was 0.7%; data will be released tomorrow at 12:30 UTC.

Over the past 9 months, WTI crude oil has retreated 41.58% from a noteworthy peak of $122.09.