US crude oil trades at $77.84 per barrel, after ending yesterday at $78.16.
United States ISM Non-Manufacturing PMI (Feb) is next.
Uncertainty around US crude oil is reflected by published market data as United States Initial Jobless Claims came out at 190,000, better than analyst estimates of 195,000 and improving upon the previous reading of 192,000. United States Nonfarm Productivity (QoQ) (Q4) came out at 1.7, while a consensus of analysts was expecting 2.6. United States Unit Labor Costs (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 3.2, while the previous figure was two.
Crude Oil’s upper Bollinger Band® is at $80.08, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests US crude oil is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Natural Gas climbs 1.63% to trade around $2.81.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Feb) is expected today at 15:00 UTC.
Having soared to a high of $124.77 approximately 11 months ago, US crude oil is now trading 37.36% lower.