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Trading Signals

WTI crude oil remains on-trend despite dull session

10 April 2023

CLUSD

Stable at $80.82 and still trending upwards, Today's session might suggest a slow down — West Texas crude is now trading at $80.82 per barrel after tracing out a steady $80.41 – $81.22 range today.

Crude Oil made an initial break below its 5 day Simple Moving Average at $80.7, a possible indication of a forthcoming negative trend. US crude oil's upper Bollinger Band® is at $82.95, suggesting that a downward move may follow. In contrast, WTI crude is currently alternating around $80.58 with price action moving above and below this key level throughout the session.

Despite the market lacking direction, technical chart analysis strongly suggests WTI crude oil is positioned for a downward move in the near term.

Meanwhile, mixed performances are seen in other Energy as Natural Gas ascends 1.74% to trade around $2.05. Heating Oil moves 0.35% to trade around $2.67.

Furthermore, the market is looking at United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.

US crude oil is now trading 33.9% below the significant high of $122.09 it set around 10 months ago.

Market Summary

Latest Energies News

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Friday's upbeat market sentiment sees West Texas crude gain 2.5%

Brent crude oil ended the previous session at $82.73; currently trading at $80.93 per barrel

Mixed sentiment sees WTI crude oil ending the day broadly flat; establishes tight $78.49 to $79.06 range

Upwardly mobile US crude oil extends gains by 58 cents; closes session 0.75% higher

After five days of going down, WTI crude oil is flat today, hovering around $68.76

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