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March 16, 2023
In the last 7 days, West Texas crude has lost a total of 18.12% of its value. More of the same today: US crude oil is down to $66.06 per barrel, after ending yesterday at $67.61. Overall, a 2.29% loss or $1.55 today.
West Texas crude is currently trading at $66.06 following the release of Building Permits (Feb) data from the United States.
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. A crossing of the lower Bollinger Band® at $70.67 suggests further losses may follow for US crude oil. Despite this, the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In WTI crude's case, the index has fallen below 30, signalling that the asset is oversold.
Looking forward, WTI crude is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other Energy as Heating Oil withdraws 2.69% to trade around $2.53. After ending yesterday's session at $73.69, Brent Crude Oil lost $1.43 and is trading around $72.26.
WTI crude oil reached a significant high of $122.09 around 9 months ago but has lost 44.62% since then.
