US crude oil weakened earlier in the day, before moving away from its $76.03 low and recovering back to $76.49 per barrel.
United States’s Retail Sales new data released of -0.6% below its previous figure.
Highly important Core Retail Sales data from United States beat analyst expectations of 0.2% with a reading of -0.2%. Retail Sales in United States fell short of market expectations (-0.1%) with a reading of -0.6%, continuing the decline from the previous figure of 1.3%.
Meanwhile, United States Philadelphia Fed Manufacturing Index (Dec) released today at 13:30 UTC with a figure of -13.8, while the previous figure was -19.4.
Despite being in the red so far in the current trading session, Crude Oil peaked above its 21 day Simple Moving Average around $77.25 — typically an early indicator of a new bullish trend beginning to emerge. WTI crude oil could begin to recover as it approaches significant support, now 95 cents away from $75.54. Dipping below could be an indication that further losses are ahead. In contrast, US crude oil formed a session range of $76.03 to $77.77 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $76.28.
Despite suffering losses in today’s session, technical analysis is indicating that WTI crude will undergo a significant bounce in the immediate term.
Positive performances can be seen by looking at other Energy markets as Natural Gas rises 4.49% to trade around $6.72.
US crude oil traded as high as $124.77 before shedding 34.97% lower over the past six months.