West Texas crude is now trading at $85.28 per barrel after tracing out a steady $84.23 – $86 range today.
United States Producer Price Index is next.
Uncertainty around WTI crude oil is reflected by published market data as United States CFTC Gold speculative net positions released yesterday at 19:30 UTC with a figure of 82,300, while the previous figure was 64599.99999999999. Fresh CFTC Nasdaq 100 speculative net positions data from United States came out at -2,400. United States CFTC S&P 500 speculative net positions released yesterday at 19:30 UTC with a figure of -177,100, while the previous figure was -175,100.
Crude Oil is approaching key support, around $1.21 away from $84.07. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. WTI crude's upper Bollinger Band® is at $91.94 and the lower is $83.12.
Despite muted price action in US crude oil, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen in other Energy as Natural Gas is up 2.49% to $6.08.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at 0.1%; data will be released tomorrow at 13:30 UTC. United States Crude Oil Inventories projected to come out at 1.36 million — worse than previous data of 3.92 million; data will be released tomorrow at 15:30 UTC. United States Producer Price Index is expected today at 13:30 UTC.
Approximately 8 months ago, WTI crude reached a significant high of $124.77 but has struggled to hold onto its gains and declined 31.47% since then.