While Crude Oil is on a 3 day bullish trend, Today's session might suggest a slow down — West Texas crude trades at $78.41 per barrel, after ending yesterday at $78.47.
United States Initial Jobless Claims is next.
This uncertain state for US crude oil is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of 2.46 million with a reading of 2.42 million. United States 10-Year Note Auction released yesterday at 18:01 UTC with a figure of 3.613, while the previous figure was 3.575. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 1 million, while the previous figure was 2.31 million.
Meanwhile, mixed performances are seen in other Energy as Natural Gas moves 1.04% to trade around $2.42. Heating Oil moves 0.35% to trade around $2.9.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as projections for United States Initial Jobless Claims are set for a continuation of decline with 190,000 while previous data was 183,000; data will be released today at 13:30 UTC.
Approximately 11 months ago, West Texas crude reached a significant high of $124.77 but has struggled to hold onto its gains and declined 37.11% since then.