US crude oil trades at $80.32 after United States Building Permits (Mar)

Without a clear-cut direction, US crude oil is trading around $80.32 per barrel and ranging between $80.32 and $81.28.

• US crude oil is currently trading at $80.32 following the release of Building Permits (Mar) data from the United States.
• While flat so far today, West Texas crude is on a 5 day bearish trend during which it lost $2.44 of its value.

United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 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.

A study of West Texas crude's chart reveals various key levels to watch: Crude Oil is approaching key support, around 26 cents away from $80.06. 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.

United States Crude Oil Inventories expected to decline to -2.46 million while its preceding data was 597,000, data will be available tomorrow at 14:30 UTC.

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