WTI crude oil is now trading at $81.17 per barrel after tracing out a steady $81.08 – $81.53 range today.
Uncertainty around US crude oil is reflected by published market data as United States ISM Manufacturing PMI (Nov) came out at 49, while a consensus of analysts was expecting 49.8. United States Core PCE Price Index (MoM) (Oct) released yesterday at 13:30 UTC with a figure of 0.2, while the previous figure was 0.5. United States Initial Jobless Claims came out at 225,000, better than analyst estimates of 235,000 and improving upon the previous reading of 241,000.
As the trading day commences, technical analysis suggests Crude Oil is approaching key support, around $2.33 away from $78.84. 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.
Meanwhile, mixed performances are seen in other Energy as Natural Gas trades around $6.79, with no major change.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Non Farm Payrolls expected to decline to 200,000 while its preceding data was 261,000, data will be available today at 13:30 UTC. United States Unemployment Rate is expected today at 13:30 UTC.
WTI crude oil traded as high as $124.77 before shedding 28.12% lower over the past six months.