Stable at $89.33 and still trending upwards, Today's session might suggest a slow down — West Texas crude recovers back to $89.33 per barrel after dipping down to $89.17 today, in a session that followed a closing value of $89.25.
West Texas crude's state is reflected by market data as Core Durable Goods Orders in United States fell short of market expectations (0.2%) with a reading of -0.5%, continuing the decline from the previous figure of 0.3%. United States GDP beat analyst expectations of 2.4 and the previous reading of -0.6 with new data of 2.6. Highly important Initial Jobless Claims data from United States beat analyst expectations of 220,000 with a reading of 217,000.
Crude Oil's upper Bollinger Band® is at $92.49, suggesting that a downward move may follow. In contrast, West Texas crude is climbing away and is now $4.1 from the $85.23 support line.
Despite the market lacking direction, technical chart analysis strongly suggests WTI crude is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Natural Gas ascends 4.86% to trade around $5.44. Heating Oil trades around $4.36, with no major change.
Furthermore, the market is looking at tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to -5% from the preceding figure of -2%. United States Core PCE Price Index (MoM) (Sep) will be released tomorrow at 12:30 UTC.
Approximately 7 months ago, WTI crude reached a significant high of $124.77 but has struggled to hold onto its gains and declined 28.47% since then.