West Texas crude crashes after losing $1.9, breaking down to $78.96 per barrel.
United States's Crude Oil Inventories new data released of -4.58 million below its previous figure.
Highly important Crude Oil Inventories data from United States beat analyst expectations of -1 million with a reading of -4.58 million.
Amid the market gloom, United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States 20-Year Bond Auction released today at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909.
Crude Oil made an initial break below its 21 day Simple Moving Average at $79.41, a possible indication of a forthcoming negative trend. On the other hand, note that WTI crude could begin to recover as it approaches significant support, now $1.14 away from $77.82. Dipping below could be an indication that further losses are ahead.
In the short term, WTI crude is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other Energy as after ending today's session at $2.37, Natural Gas lost 18.7 cents and is trading around $2.18. After ending today's session at $84.77, Brent Crude Oil lost $1.82 and is trading around $82.95. After ending today's session at $2.6, Heating Oil lost 4.97 cents and is trading around $2.55.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 240,000, following on from the preceding figure of 239,000. New data is set to be published tomorrow at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is expected tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) scheduled to come out tomorrow at 14:00 UTC.
WTI crude oil is now trading 33.77% below the significant high of $122.09 it set around 10 months ago.