Late into the session, West Texas crude loses $2.65 (3.44%), currently trading at $74.28 per barrel.
WTI crude is currently trading at $74.28 following the release of EIA Short-Term Energy Outlook data from the United States.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States API Weekly Crude Oil Stock released today at 21:30 UTC with a figure of -6.43 million, while the previous figure was -7.85 million. United States Trade Balance (Oct) released today at 13:30 UTC with a figure of -78.2 billion, while the previous figure was -74.1 billion.
Following today's trading session, chart analysis suggests Crude Oil could begin to recover as it approaches significant support, now 61 cents away from $74.89. Dipping below could be an indication that further losses are ahead. Trend 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. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $73.06, a low enough level to, generally, suggest that WTI crude oil is trading below its fair value.
All in all, the technical analysis suggests US crude oil has no clear-cut direction.
Taking a look at other Energy commodities, negative performances are evident as Brent Crude Oil closed at $79.55 (down 3.79%). After ending yesterday's session at $3, Heating Oil lost 8.6 cents and is trading around $2.91. Natural Gas is trading around $5.36 (down 21.5 cents).
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
The commodity has been trending lower for about a month. WTI crude oil has shed 36.12% over the past six months.