While WTI crude is on a 6 day bullish trend, Today's session might suggest a slow down — after dropping down to $88.7, US crude oil recovers some losses and is currently trading at $88.78 per barrel.
New United States Crude Oil Inventories improved upon the previous -1.73 million figure while also exceeding analyst expectations with a reading of 2.59 million.
US crude oil's state is reflected by market data as United States Crude Oil Inventories beat analyst expectations of 1 million and the previous reading of -1.73 million with new data of 2.59 million. United States New Home Sales (Sep) came out at 603,000, while a consensus of analysts was expecting 585,000. Consumer Confidence in United States fell short of market expectations (106.5) with a reading of 102.5, continuing the decline from the previous figure of 107.8.
Crude Oil made an initial breakout above its 50 day Simple Moving Average at $86.7, a potential indicator of a newly emerging bullish phase. US crude oil is climbing away and is now $5.2 from the $83.58 support line.
Despite muted price action in West Texas crude, chart analysis indicates it is positioned for a bullish run in the short term.
Furthermore, the market is looking at United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released tomorrow at 12:30 UTC. United States Core Durable Goods Orders projected to come out at 0.2% — worse than previous data of 0.3%; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 220,000 from the preceding figure of 214,000.
WTI crude reached a significant high of $124.77 around 7 months ago but has lost 28.77% since then.