After a mostly steady day, US crude oil loses $3.28 late into the session, trading at $77.67 per barrel.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
United States Crude Oil Inventories released earlier showed a marked improvement to -3.69 million from the preceding data of -5.4 million, but fell short of the -1 million figure forecast by a consensus of market analysts.
On the flip side, United States Core Durable Goods Orders beat analyst expectations of 0.1% and the previous reading of -0.9% with new data of 0.5%.
Meanwhile, United States New Home Sales (Oct) came out at 632,000, while a consensus of analysts was expecting 570,000.
Despite being in the red so far in the current trading session, Crude Oil peaked above its 5 day Simple Moving Average around $81.25 — typically an early indicator of a new bullish trend beginning to emerge. WTI crude oil's lower Bollinger Band® is at $77, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. On the other hand, note that bearish sentiment was sufficient to push prices below the known Fib level of $79.49 serving as intraday support.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems US crude oil is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other Energy as Brent Crude Oil falls 3.93% to trade around $84.89. Heating Oil is trading around $3.36 (down 11.02 cents).
Though West Texas crude has been dropping, other Energy have been performing better: Natural Gas is up 6.82%.
Furthermore, United States FOMC Meeting Minutes will be released today at 19:00 UTC.
Approximately 8 months ago, West Texas crude reached a significant high of $124.77 but has struggled to hold onto its gains and declined 35.12% since then.