WTI crude drops from $75.72 to $75.24 per barrel, losing 48 cents (0.63%) today.
United States Non Farm Payrolls is next.
WTI crude's state is reflected by market data as highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 211,000.
A study of WTI crude's historical price actions shows Crude Oil is approaching key support, around 49 cents away from $74.75. 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. Trend-focused traders would be interested to note 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. According to asset volatility analysis, WTI crude oil's upper Bollinger Band® is at $80.05 and the lower is $73.92.
With market volatility ebbing, the current technical outlook indicates US crude oil will remain range-bound for the immediate future.
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 205,000 while its preceding data was 517,000, data will be available today at 13:30 UTC. United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released today at 13:30 UTC.
West Texas crude has fallen back around 37.98% from the significant high of $122.09 set 9 months ago.