US crude oil is down to $72.97 per barrel, after ending yesterday at $74.8. Overall, a 2.45% loss or $1.83 today.
WTI crude oil is currently trading at $72.97 following the release of Consumer Price Index data from the United States.
Meanwhile, United States Participation Rate (Feb) released yesterday at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. A crossing of the lower Bollinger Band® at $73.11 suggests further losses may follow for WTI crude.
In the short term, WTI crude is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other Energy as Brent Crude Oil is down to $79.1, losing $1.67, after closing at $80.77 in the preceding trading session.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Retail Sales projected to decline to -0.3% while previous data was 3%; data will be released tomorrow at 12:30 UTC. Projections for United States Core Retail Sales are set for a continuation of decline with -0.1% while previous data was 2.3%; data will be released tomorrow at 12:30 UTC. As things stand, upcoming United States Producer Price Index data is projected to fall short of market expectations with newly published data of 0.3%, following on from the preceding figure of 0.7%. New data is set to be published tomorrow at 12:30 UTC.
Approximately 9 months ago, US crude oil reached a significant high of $122.09 but has struggled to hold onto its gains and declined 38.73% since then.