Without a clear-cut direction, WTI crude oil is trading around $80.67 per barrel and ranging between $80.36 and $81.28.
- United States Building Permits (Mar) is next.
- West Texas crude has been pretty quiet for the last 5 days, trading mostly flat and moving by only 48.7999 cents on average.
Earlier data releases related to US crude oil – United States TIC Net Long-Term Transactions (Feb) released yesterday at 20:00 UTC with a figure of 71 billion, while the previous figure was 31.9 billion. United States NY Empire State Manufacturing Index (Apr) came out at 10.8, while a consensus of analysts was expecting -18.
Technical analysis of West Texas crude before macro data is released:
Technical analysis shows that Crude Oil is approaching key support, around 61 cents away from $80.06. 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.
Coming up for West Texas crude — United States Crude Oil Inventories projected to come out at -2.46 million — worse than previous data of 597,000; data will be released tomorrow at 14:30 UTC. United States Building Permits (Mar) scheduled to come out today at 12:30 UTC.
Approximately 10 months ago, US crude oil reached a significant high of $122.09 but has struggled to hold onto its gains and declined 33.79% since then.