West Texas crude down to $69.95 today, continues bearish run

While on a 7 day slump, falling a total of 13.3%, More of the same today: WTI crude is down to $69.95 per barrel, after ending yesterday at $70.9. Overall, a 1.34% loss or 95 cents today.

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 $72.18 suggests further losses may follow for West Texas crude.

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

In the meantime, negative performances are also seen in other Energy as Heating Oil is down to $2.68, losing 5.73 cents, after closing at $2.74 in the preceding trading session. Brent Crude Oil draws back 1.06% to trade around $75.88.