WTI crude oil trades at $89 per barrel, after ending yesterday at $88.8.
United States Crude Oil Inventories is next today at 15:30 UTC.
Uncertainty around US crude oil is reflected by published market data as United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 5.62 million, while the previous figure was -6.53 million. United States 3-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.605, while the previous figure was 4.318.
Crude Oil's upper Bollinger Band® is at $92.25, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests WTI crude oil is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as having closed the previous session at $6.14, Natural Gas is up 1.3% today to currently trade at around $6.22.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with 1.36 million. It previously stood at -3.12 million; data will be released today at 15:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Core Consumer Prices figure is projected at 0.5%. It previously stood at 0.6%; data will be released tomorrow at 13:30 UTC.
WTI crude oil reached a significant high of $124.77 around 8 months ago but has lost 28.83% since then.