WTI crude continues trading sideways, currently at $71.58

It's been more of the same this session on the back of 8 days of flat trade, Today's session so far looks to be heading in a similar way — after dropping down to $70.55, US crude oil recovers some losses and is currently trading at $71.58 per barrel.

Crude Oil made an initial break below its 10 day Simple Moving Average at $71.57, a possible indication of a forthcoming negative trend.

Despite the market lacking direction, technical chart analysis strongly suggests US crude oil is positioned for a downward move in the near term.

Meanwhile, mixed performances are seen in other Energy as Natural Gas is down to $2.52, losing 6.5 cents, after closing at $2.58 in the preceding trading session. Brent Crude Oil trades close to $75.71, with no major change.

Moreover, United States New Home Sales (Apr) is expected tomorrow at 14:00 UTC. United States Services PMI figure is projected at 52.6. It previously stood at 53.6; data will be released tomorrow at 13:45 UTC. United States Building Permits scheduled to come out tomorrow at 12:00 UTC.

US crude oil has recovered 4.84% since descending to a significant low of $68.25 around 19 days ago.