WTI crude slides down from $75.12 to $74.48 per barrel today, losing 64 cents (0.85%).
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 14.87 million, while the previous figure was 3.30 million. Fresh 3-Year Note Auction data from United States came out at 3.977.
When "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. Bollinger Bands® shows an indication of recovery: the lower band is at $72.16, a low enough level to, generally, suggest that WTI crude is trading below its fair value. WTI crude could begin to recover as it approaches significant support, now $1.33 away from $73.15. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that WTI crude oil (currently on a downtrend) might reverse course and start pointing upward in the short term.
Taking a look at other Energy commodities, negative performances are evident as after ending yesterday's session at $3.14, Heating Oil lost 3.54 cents and is trading around $3.1.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with -2.24 million while previous data was 1.69 million; data will be released today at 15:30 UTC.
Furthermore, United States Core Consumer Prices figure is projected at 0.3%. It previously stood at 0.2%; data will be released tomorrow at 13:30 UTC. United States Consumer Price Index figure is projected at 6.5%. It previously stood at 7.1%; data will be released tomorrow at 13:30 UTC.
So far this year, WTI crude oil has declined 6.97% while touching highs around $124.77 earlier this year.