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March 13, 2023After closing at $76.68 Friday, WTI crude opened today at $76.6, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, WTI crude retains a distinct $72.3 to $77.47 daily range.
US crude oil is currently trading at $74.33 following the release of U.S. President Biden speech data from the United States.
Meanwhile, United States Participation Rate (Feb) released today at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
Despite being in the red so far in the current trading session, Crude Oil peaked above its 21 day Simple Moving Average around $77.15 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $73.69, a low enough level to, generally, suggest that WTI crude oil is trading below its fair value. In contrast, WTI crude oil fell below the $76.03 support zone and moved $1.7 beyond it; the next level of support with significant buyer interest is estimated at $75.84.
Technical analysis indicates that West Texas crude's current downtrend might soon change course and start climbing up in the short term.
Taking a look at other Energy commodities, negative performances are evident as Brent Crude Oil closed at $80.26 (down 3.04%).
Though US crude oil has been dropping, other Energy have been performing better: Natural Gas leaps up 7% to trade around $2.6.
Furthermore, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Consumer Price Index figure is projected at 6%. It previously stood at 6.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.
US crude oil is now trading 37.19% below the significant high of $122.09 it set around 9 months ago.
