It's been more of the same this session on the back of 7 days of flat trade, Today's session so far looks to be heading in a similar way — US crude oil trades at $79 per barrel after gaining 13 cents (0.19%).
United States ADP Nonfarm Employment Change (Jan) is next today at 13:15 UTC.
This uncertain state for WTI crude oil is reflected by published market data as following a previous reading of 109, Consumer Confidence in United States released yesterday at 15:00 UTC fell short of the 109 figure expected by analysts with an actual reading of 107.1. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.33 million, while the previous figure was 3.38 million. United States Chicago PMI (Jan) came out at 44.3, while a consensus of analysts was expecting 45.
Crude Oil made an initial breakout above its 5 day Simple Moving Average at $79.33, a potential indicator of a newly emerging bullish phase. West Texas crude is approaching key support, around $1.12 away from $77.9. 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 muted price action in West Texas crude, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen in other Energy as Heating Oil closed at $3.12 (down 1.96%). Natural Gas moves 1% to trade around $2.71.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories projected to come out at 376,000 — worse than previous data of 533,000; data will be released today at 15:30 UTC. United States ADP Nonfarm Employment Change (Jan) scheduled to come out today at 13:15 UTC. United States Interest Rate is expected today at 19:00 UTC.
WTI crude hit a significant low of $71 around a month ago, but has since recovered 11.05%.