West Texas crude slides down from $77.58 to $76.47 per barrel today, losing $1.11 (1.43%).

United States's Crude Oil Inventories new data released of -1.69 million below its previous figure.

Crude Oil Inventories in United States fell short of market expectations (395,000) with a reading of -1.69 million, continuing the decline from the previous figure of 1.17 million.

While price action maintains a negative bias, United States JOLTs Job Openings (Jan) released today at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.

Crude Oil could begin to recover as it approaches significant support, now 71 cents away from $77.18. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, US crude oil peaked above its 50 day Simple Moving Average around $77.66 — typically an early indicator of a new bullish trend beginning to emerge. West Texas crude's lower Bollinger Band® is at $74.25, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Despite suffering losses in today's session, technical analysis is indicating that West Texas crude will undergo a significant bounce in the immediate term.

In the meantime, negative performances are also seen in other Energy as after ending yesterday's session at $2.69, Natural Gas lost 13.2 cents and is trading around $2.56. Heating Oil retreats 2.18% to trade around $2.74. Brent Crude Oil closed at $82.43 (down 1.03%).

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 195,000, following on from the preceding figure of 190,000. New data is set to be published tomorrow at 13:30 UTC.

WTI crude oil is now trading 37.82% below the significant high of $124.77 it set around a year ago.