Without a clear-cut direction, US crude oil is trading around $80.29 per barrel and ranging between $79.57 and $80.66.
United States Crude Oil Inventories is next.
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 3.38 million, while the previous figure was 7.62 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.139, while the previous figure was 4.373. United States Services PMI came out at 46.6, while a consensus of analysts was expecting 45.
Crude Oil made an initial break below its 10 day Simple Moving Average at $79.76, a possible indication of a forthcoming negative trend. In contrast, West Texas crude is approaching key support, around $1.17 away from $79.12. 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.
Despite the market lacking direction, technical chart analysis strongly suggests West Texas crude is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Natural Gas stumbles 4.27% to trade around $3.12. Brent Crude Oil moves 0.22% to trade around $86.32. Heating Oil moves 0.2% to trade around $3.43.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of 0.1%; data will be released tomorrow at 13:30 UTC. United States Crude Oil Inventories expected to decline to 971,000 while its preceding data was 8.41 million, data will be available today at 15:30 UTC. Tomorrow at 13:30 UTC data for United States GDP will be released, with an expected decline to 2.6 from the preceding figure of 3.2.
US crude oil hit a significant low of $71 around a month ago, but has since recovered 12.83%.