West Texas crude today at a glance: US crude oil is now trading at $85.06 per barrel after tracing out a steady $84.23 – $86 range today. WTI crude is currently trading at $85.06 following the release of Producer Price Index data from the United States.
Crude Oil is approaching key support, around 100 cents away from $84.07. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. WTI crude oil's upper Bollinger Band® is at $91.96 and the lower is $83.09.
Despite muted price action in US crude oil, chart analysis indicates it is positioned for a bullish run in the short term.
Heating Oil is up 0.85%. Natural Gas trades close to $5.97, with no major change.
New United States Producer Price Index data fell short of the 0.4% projected by analysts with a reading of 0.2% while failing to improve upon the previous reading from last month (0.2%). United States NY Empire State Manufacturing Index (Nov) came out at 4.5, while a consensus of analysts was expecting -5.
United States Core Retail Sales is projected to outperform its last figure with 0.4%, having previously been at 0.1%. The figure will be published tomorrow at 13:30 UTC. Tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.36 million from the preceding figure of 3.92 million.
West Texas crude is now trading 31.47% below the significant high of $124.77 it set around 8 months ago.