It's been more of the same this session on the back of 5 days of flat trade, Today's session so far looks to be heading in a similar way — a mostly flat day so far for US crude oil, ranging between $75.59 and $75.84; currently at $75.82 per barrel.
US crude oil's state is reflected by market data as United States ISM Manufacturing PMI (Apr) came out at 47.1, while a consensus of analysts was expecting 46.8. United States ISM Manufacturing Prices (Apr) released yesterday at 14:00 UTC with a figure of 53.2, while the previous figure was 49.2. United States ISM Manufacturing Employment (Apr) came out at 50.2, while a consensus of analysts was expecting 47.9.
Crude Oil's upper Bollinger Band® is at $84.24 and the lower is $73.31. WTI crude oil is approaching key support, around $1.24 away from $74.58. 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 WTI crude, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil moves 0.18% to trade around $79.45.
Furthermore, the market is looking at United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000, having previously been at -5 million. The figure will be published tomorrow at 14:30 UTC. United States Interest Rate is expected tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) scheduled to come out tomorrow at 12:15 UTC.
West Texas crude reached a significant high of $122.09 around 10 months ago but has lost 38.03% since then.