West Texas crude closed at $69.2, continuing its bearish run

West Texas crude has lost 14.23% over the last 7 days. Yesterday's session continued the recent downtrend: US crude oil ended yesterday at $69.2 per barrel following from closing Thursday at $69.96. Overall, this represents a loss of 76 cents or 1.09%.

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. A crossing of the lower Bollinger Band® at $71.91 suggests further losses may follow for WTI crude. In contrast, the Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains.

In the short term, US crude oil is expected to maintain its recent downtrend and continue spiralling lower.

Though West Texas crude has been dropping, other Energy have been performing better: Heating Oil climbs 0.91% yesterday and closed at $2.68. Natural Gas climbs 1.25% yesterday and closed at $2.15.