After dropping down to $83.86, US crude oil recovers some losses and is currently trading at $85.8 per barrel.
This uncertain state for WTI crude is reflected by published market data as United States Existing Home Sales (Sep) released yesterday at 14:00 UTC with a figure of 4.71 million, while the previous figure was 4.78 million. United States Philadelphia Fed Manufacturing Index (Oct) came out at -8.7, while a consensus of analysts was expecting -5. Highly important Initial Jobless Claims data from United States beat analyst expectations of 230,000 with a reading of 214,000.
Crude Oil made an initial break below its 21 day Simple Moving Average at $84.74, a possible indication of a forthcoming negative trend. In contrast, WTI crude oil is approaching key support, around $1.24 away from $84.56. 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 US crude oil is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Natural Gas is down to $4.97, losing 38.8 cents, after closing at $5.36 in the preceding trading session. Heating Oil is down to $3.69, losing 7.06 cents, after closing at $3.76 in the preceding trading session. Brent Crude Oil gained 0.91% and is currently trading at $93.22.
WTI crude oil is now trading 16.18% below its 3-month high of $124.77.