West Texas crude drops by 0.73% to $75.76, after stagnant for recent trend

West Texas crude drops by 0.73% to $75.76, after stagnant for recent trend

After 5 days of level trading, Today's session suggests a further slowdown — after a mostly steady day, WTI crude oil loses 56 cents late into the session, trading at $75.76 per barrel.

New United States Pending Home Sales improved upon the previous 1.1% figure while also exceeding analyst expectations with a reading of 8.1%.

On the flip side, data for United States Pending Home Sales published today at 15:00 UTC came out at 8.1%, beating projections of 1% and showing improvement over the preceding figure of 1.1%. United States Core Durable Goods Orders came out at 0.7%, better than analyst estimates of 0.1% and improving upon the previous reading of -0.4%.

Meanwhile, Core Durable Goods Orders in United States fell short of market expectations (-4%) with a reading of -4.5%, continuing the decline from the previous figure of 5.1%.

Despite being in the red so far in the current trading session, Crude Oil peaked above its 10 day Simple Moving Average around $76.53 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $73.84, a low enough level to, generally, suggest that West Texas crude is trading below its fair value. US crude oil could begin to recover as it approaches significant support, now 87 cents away from $74.89. Dipping below could be an indication that further losses are ahead. In contrast, price action remains constrained around the key Fibonacci level of $76.19 currently serving as support. If price action breaks below, the next Fib hurdle is $74.91.

Overall, looking at the technical analysis landscape, it seems WTI crude oil might start pointing upward in the short term.

Though WTI crude has been dropping, other Energy have been performing better: Natural Gas surges 6.75% to trade around $2.72. Heating Oil is up 0.87%.

Moreover, United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.

Having soared to a high of $124.77 approximately 11 months ago, US crude oil is now trading 38.83% lower.

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Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

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