Crude OIL (week of 14-18/11)

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Weekly Summary

WTI crude oil is trading around $80.11 per barrel, after closing the previous week at $80.11 per barrel (down 0%) .

Crude Oil drifts up 0% to close at $80.11 per barrel today. (Trade West Texas crude with FXTM now).

Uptick comes while some more positive signs for WTI crude are out as highly important Initial Jobless Claims data from United States beat analyst expectations of 225,000 with a reading of 222,000.

On the flip side, United States Crude Oil Inventories fell short of the -440,000 projections, with new data of -5.4 million.

Meanwhile, United States Existing Home Sales (Oct) released today at 15:00 UTC with a figure of 4.43 million, while the previous figure was 4.71 million. United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2. United States Building Permits (Oct) released yesterday at 13:30 UTC with a figure of 1.53 million, while the previous figure was 1.56 million.

Outlook for rest of the week: Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released Wednesday.

Also worthy of note, as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 225,000, following on from the preceding figure of 222,000. New data is set to be published Wednesday.

Furthermore, the market is looking at United States New Home Sales (Oct) is scheduled for Wednesday.

Nov. 18, 2022

WTI crude ended the session at $80.11, continuing its bearish run

(23:27) GMT

Having fallen $7.32 in 5 days, Today's session continued down the same path: US crude oil dipped as low as $77.24 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($82.09) with WTI crude closing the day at $80.11 per barrel.

On the flip side, United States Initial Jobless Claims improved upon its previous reading of 226,000 with a new data release of 222,000.

Amid the market gloom, United States Existing Home Sales (Oct) released today at 15:00 UTC with a figure of 4.43 million, while the previous figure was 4.71 million. United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2.

Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. West Texas crude formed a session range of $77.24 to $82.64 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $79.49. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $81.31, a low enough level to, generally, suggest that US crude oil is trading below its fair value. US crude oil chart analysis: WTI crude oil reversed direction at $80.21 support zone and climbed 10 cents above it.

All in all, the technical analysis suggests WTI crude oil has no clear-cut direction.

West Texas crude's value drop coincided with the fact that Brent Crude Oil lost 2.14% today and closed at $89.78.

8 months ago West Texas crude reached a significant high of $124.77 but has consequently lost 34.57% since then.

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