After closing Tuesday at $68.6, WTI crude dropped to $63.64 today, hitting its lowest point in 1 year during yesterday's session. It later recovered $4.21 and is now trading at $67.85.

United States Crude Oil Inventories released earlier showed a marked improvement to -1.28 million from the preceding data of -5 million, but fell short of the -1.1 million figure forecast by a consensus of market analysts.

Meanwhile, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five. United States ISM Non-Manufacturing PMI (Apr) came out at 51.9, while a consensus of analysts was expecting 51.8.

Concerning technical analysis and more specifically, trend indicators, 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. According to momentum evaluation, the Relative Strength Index indicates WTI crude oil is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, US crude oil's lower Bollinger Band® is at $68.68, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. As the trading day commences, technical analysis suggests although West Texas crude is pointing down today (was as low as $63.64), it's climbing away from the $61.65 support line and is now $6.2 above it.

All in all, the technical analysis suggests US crude oil has no clear-cut direction.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Non Farm Payrolls are set for a continuation of decline with 180,000 while previous data was 236,000; data will be released tomorrow at 12:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 240,000, following on from the preceding figure of 230,000. New data is set to be published today at 12:30 UTC. United States Unemployment Rate projected to decline to 3.6 while previous data was 3.5; data will be released tomorrow at 12:30 UTC.

WTI crude has recovered 0.51% since descending to a significant low of $68.25 around a day ago.