| 
March 17, 2023
In the last 7 days, WTI crude has lost a total of 16.11% of its value. More of the same today: WTI crude oil is down to $67.68 per barrel, after ending yesterday at $68.35. Overall, a 0.98% loss or 67 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. WTI crude oil has just crossed the lower Bollinger Band® at $71.33, indicating further losses could be forthcoming. In contrast, the Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains.
Looking forward, US crude oil is poised to extend its strong downtrend and continue declining.
Taking a look at other Energy commodities, negative performances are evident as Natural Gas is down to $2.41, losing 10.7 cents, after closing at $2.51 in the preceding trading session.
Positive performances can be seen by looking at other Energy markets as Heating Oil is up 2.02%.
US crude oil is now trading 44.02% below the significant high of $122.09 it set around 9 months ago.
