US crude oil reaches its lowest point in 11 months after dropping 57 cents to $72.32.
United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -5.19 million.
On the flip side, United States Crude Oil Inventories released earlier showed a marked improvement to -5.19 million from the preceding data of -12.58 million, but fell short of the -3.31 million figure forecast by a consensus of market analysts.
At the same time, United States Cushing Crude Oil Inventories came out at -373,000, while a consensus of analysts was expecting -841,000. United States Unit Labor Costs (QoQ) (Q3) released today at 13:30 UTC with a figure of 2.4, while the previous figure was 3.5.
Trend-following investors would be interested to note that 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. Asset volatility analysis shows that West Texas crude's lower Bollinger Band® is at $72.04, indicating that the market is oversold and fertile for new buyers. Following today's trading session, chart analysis suggests although US crude oil is appreciating today after rising as high as $72.57, price action is now slowing and consolidating around $4.38 below the $76.95 resistance level.
Overall, the technical outlook suggests WTI crude oil is likely to remain muted for the immediate future, with no clear-cut direction.
This rally in WTI crude oil's price coincides with other Energy as having closed the previous session at $5.72, Natural Gas is up 1.75% today to currently trade at around $5.82.
Other Energy are showing mixed performance as Brent Crude Oil moves 0.56% to trade around $77.6. Heating Oil trades close to $2.79, with no major change.
Furthermore, the market is looking at United States Initial Jobless Claims projected to decline to 230,000 while previous data was 225,000; data will be released tomorrow at 13:30 UTC.
The commodity has been trending lower for about a month. WTI crude oil has shed 38.65% over the past six months.