WTI crude oil trades at $68.76 per barrel, after ending yesterday at $68.56.
United States Unemployment Rate is next today at 12:30 UTC.
Uncertainty around WTI crude is reflected by published market data as highly important Initial Jobless Claims data from United States beat analyst expectations of 240,000 with a reading of 242,000. United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.56 trillion. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.17 trillion, while the previous figure was 3.13 trillion.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates US crude oil is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, US crude oil's upper Bollinger Band® is at $85.4 and the lower is $67.83.
With market volatility ebbing, the current technical outlook indicates WTI crude oil will remain range-bound for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil trades with no major change, around $72.74.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 180,000, following on from the preceding figure of 236,000. New data is set to be published today at 12:30 UTC. Today at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.
Having set a significant high of $122.09 10 months ago, US crude oil is trading 43.84% lower.