WTI crude is grinding lower from $73.71 to $72.89 per barrel, shedding 82 cents (1.11%) today.
United States Core Consumer Prices is next today at 12:30 UTC.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 3.62 million, while the previous figure was -3.94 million. Fresh 3-Year Note Auction data from United States came out at 3.695.
Crude Oil made an initial break below its 10 day Simple Moving Average at $72.66, a possible indication of a forthcoming negative trend. On the other hand, note that West Texas crude could begin to recover as it approaches significant support, now 90 cents away from $72. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts West Texas crude to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the WTI crude oil is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other Energy as Brent Crude Oil closed at $76.62 (down 1.06%). After ending yesterday's session at $2.27, Natural Gas lost 4.7 cents and is trading around $2.22.
Moreover, United States Producer Price Index is projected to outperform its last figure with 0.3%, having previously been at -0.5%. The figure will be published tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000. It previously stood at -1.28 million; data will be released today at 14:30 UTC.
Furthermore, United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.1%; data will be released today at 12:30 UTC.
WTI crude hit a significant low of $68.25 around 7 days ago, but has since recovered 8%.