Without a clear-cut direction, WTI crude oil is trading around $73.6 per barrel and ranging between $72.25 and $74.41.
Trend and momentum analysis indicates 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. Asset volatility analysis shows that US crude oil's upper Bollinger Band® is at $83.21 and the lower is $73.65. WTI crude's notable support and resistance levels: WTI crude oil is approaching key support, around $1.94 away from $71.66. 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.
Overall, technical indicators suggest WTI crude has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Heating Oil draws back 1.9% to trade around $2.72. Brent Crude Oil trades with no major change, around $80.38. Natural Gas trades close to $2.43, with no major change.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Fed Chair Powell speech is expected tomorrow at 17:00 UTC. United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 17:00 UTC.
WTI crude oil has shed 20.75% over the past three months.