West Texas crude drops by 1.17% to $71.82, after stagnant for recent trend

After 5 days of level trading, Today's session suggests a further slowdown — late into the session, US crude oil loses 85 cents (1.17%), currently trading at $71.82 per barrel.

Consumer Confidence data from United States will be released today at 14:00 UTC with analysts expecting a decline to 99. Potentially significant price fluctuations in West Texas crude are expected to follow.

Crude Oil made an initial break below its 21 day Simple Moving Average at $72.05, a possible indication of a forthcoming negative trend. West Texas crude's upper Bollinger Band® is at $74.26 which indicates a further downward move may follow. WTI crude oil could begin to recover as it approaches significant support, now 27 cents away from $72.09. Dipping below could be an indication that further losses are ahead.

Overall, the technical analysis landscape suggests that on the balance of probability, US crude oil is expected to maintain its bearish bias.

In the meantime, negative performances are also seen in other Energy as Brent Crude Oil closed at $75.95 (down 1.3%). Natural Gas is down to $2.36, losing 5.8 cents, after closing at $2.42 in the preceding trading session.

Looking ahead, ongoing depreciation may be prolonged as United States Consumer Confidence expected to decline to 99 while its preceding data was 101.3, data will be available today at 14:00 UTC.

Furthermore, United States JOLTs Job Openings (Apr) is expected tomorrow at 14:00 UTC.

West Texas crude hit a significant low of $68.25 around 27 days ago, but has since recovered 6.48%.