Crude OIL (week of 12-16/09)

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Weekly Summary

Range-bound WTI crude increases slightly $85.48 to close at $85.48 per barrel .

Crude Oil increases slightly 0% to close at zero cents today. (Trade US crude oil with FXTM now).

Uptick comes while some more positive signs for WTI crude are out as data for United States Retail Sales published yesterday at 12:30 UTC came out at 0.3%, beating projections of 0.2% and showing improvement over the preceding figure of -0.4%. Data for United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 213,000, beating projections of 226,000 and showing improvement over the preceding figure of 218,000. Data from United States concerning Crude Oil Inventories was released Wednesday. Newly published figures emphasized continued decline from last month's figure of 8.84 million to 2.44 million this month.

On the flip side, following a previous reading of 0.4%, Core Retail Sales in United States released yesterday at 12:30 UTC fell short of the 0.1% figure expected by analysts with an actual reading of -0.3%.

Meanwhile, United States Philadelphia Fed Manufacturing Index (Sep) came out at -9.9, while a consensus of analysts was expecting 2.8.

Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at 833,000 — worse than previous data of 2.44 million; data will be released Wednesday. United States Initial Jobless Claims expected to decline to 218,000 while its preceding data was 213,000, data will be available Thursday.

The market is looking forward to the release of new data: United States Building Permits (Aug) is expected Tuesday.

Sep. 16, 2022

Stagnant WTI crude oil dips to $84.37 amid sluggish price action

(23:27) GMT

Today at a glance: without a clear direction, US crude oil closed at $85.48 per barrel while ranging between $84.37 and $86.69.

Uncertainty around US crude oil is reflected by published market data as highly important Core Retail Sales data from United States beat analyst expectations of 0.1% with a reading of -0.3%. United States Philadelphia Fed Manufacturing Index (Sep) released yesterday at 12:30 UTC with a figure of -9.9, while the previous figure was 6.2. United States Retail Sales improved upon its previous reading of -0.4% with a new data release of 0.3%.

Crude Oil made an initial breakout above its 10 day Simple Moving Average at $86.31, a potential indicator of a newly emerging bullish phase. WTI crude is approaching key support, around $2.11 away from $83.37. 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.

Despite muted price action in West Texas crude, chart analysis indicates it is positioned for a bullish run in the short term.

Meanwhile, mixed performances are seen in other Energy as Natural Gas drops 6.09% today and closed at $8.32. Brent Crude Oil went up by 0.81% today, and closed at $91.58.

WTI crude oil has shed 27.61% over the past three months.

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