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June 07, 2023West Texas crude has been losing ground for 3 days, shedding a total of 3.16% of its value. Today is looking a bit better: a mostly flat day so far for West Texas crude, ranging between $71.52 and $71.94; currently at $71.65 per barrel.
This uncertain state for WTI crude is reflected by published market data as United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -1.71 million, while the previous figure was 5.20 million.
Crude Oil made an initial breakout above its 21 day Simple Moving Average at $71.69, a potential indicator of a newly emerging bullish phase. WTI crude oil's upper Bollinger Band® is at $74.67 and the lower is $69.05. WTI crude oil is approaching key support, around $1.38 away from $70.27. 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.
Despite muted price action in West Texas crude, chart analysis indicates it is positioned for a bullish run in the short term.
Furthermore, the market is looking at United States Crude Oil Inventories projected to decline to 1.15 million while previous data was 4.49 million; data will be released today at 14:30 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 238,000 from the preceding figure of 232,000.
WTI crude oil hit a significant low of $68.06 around 7 days ago, but has since recovered 5.41%.
