West Texas crude continues trading sideways, currently at $75.84

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 — West Texas crude is now trading at $75.84 per barrel after tracing out a steady $75.59 – $75.84 range today.

West Texas crude's state is reflected by market data as United States ISM Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States ISM Manufacturing Prices (Apr) came out at 53.2, while a consensus of analysts was expecting 49. United States ISM Manufacturing Employment (Apr) released yesterday at 14:00 UTC with a figure of 50.2, while the previous figure was 46.9.

Crude Oil is approaching key support, around $1.26 away from $74.58. 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. WTI crude oil's upper Bollinger Band® is at $84.24 and the lower is $73.31.

Despite muted price action in US crude oil, chart analysis indicates it is positioned for a bullish run in the short term.

Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil trades with no major change, around $79.45.

Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC. United States Interest Rate is expected tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) will be released tomorrow at 12:15 UTC.

Approximately 10 months ago, US crude oil reached a significant high of $122.09 but has struggled to hold onto its gains and declined 38.03% since then.