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June 09, 2023While on a 5 day downtrend Today is looking a bit better: WTI crude oil is grinding lower from $71.29 to $70.87 per barrel, shedding 42 cents (0.59%) today.
WTI crude's state is reflected by market data as United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 261,000, falling short of the 235,000 projections and continuing its decline from the previous 233,000 figure. United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.31 trillion, while the previous figure was 3.21 trillion.
Crude Oil is approaching key support, around $1.92 away from $68.95. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. WTI crude's upper Bollinger Band® is at $74.63 and the lower is $69.04.
Despite muted price action in WTI crude oil, chart analysis indicates it is positioned for a bullish run in the short term.
US crude oil is now trading 4.75% above the significant low ($68.06) it slumped to 9 days ago.
