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Jan. 31, 2023

Today at 15:00 UTC: United States Consumer Confidence, WTI crude steady at $77.39

Live - Updated 34 minutes ago.

WTI crude recovers back to $77.39 per barrel after dipping down to $76.55 today, in a session that followed a closing value of $77.9.

  • United States Consumer Confidence is next.
  • While flat so far today, WTI crude is on a 6 day bearish trend during which it lost $3.72 of its value.

Technical analysis of West Texas crude before macro data is released:

Crude Oil made an initial break below its 50 day Simple Moving Average at $77.61, a possible indication of a forthcoming negative trend. In contrast, WTI crude oil is approaching key support, around 51 cents away from $76.88. 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 the market lacking direction, technical chart analysis strongly suggests US crude oil is positioned for a downward move in the near term.

Coming up for WTI crude oil — tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -1,000,000 from the preceding figure of 533,000. United States ADP Nonfarm Employment Change (Jan) scheduled to come out tomorrow at 13:15 UTC.

As the markets get ready for more data to be released — after ending yesterday's session at $3.11, Heating Oil lost 3.08 cents and is trading around $3.08. Brent Crude Oil closed at $84.08 (down 0.97%).

WTI crude has fallen back around 37.57% from the significant high of $124.77 set 10 months ago.

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Week to date

US crude oil ends yesterday stable around $77.39 per barrel .

Trading week at a glance - Crude Oil is up to $77.39 per barrel, after closing yesterday at zero cents. Overall, a 0% move or $77.39 this week. (Start trading WTI crude at FXTM today).

West Texas crude upside coincides with further encouraging market factors as highly important Pending Home Sales data from United States beat analyst expectations of -0.9% with a reading of 2.5%. Highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.2% with a reading of -0.1%. United States GDP released Thursday is better than expected at 2.9 but down from preceding data of 3.2 according to new data.

At the same time, United States Core PCE Price Index (MoM) (Dec) came out at 0.3, while a consensus of analysts was expecting 0.3. United States New Home Sales (Dec) released Thursday with a figure of 616,000, while the previous figure was 602,000.

Furthermore, the market is looking at United States Crude Oil Inventories projected to decline to -1,000,000 while previous data was 533,000; data will be released tomorrow at 15:30 UTC.

Also worthy of note, United States ADP Nonfarm Employment Change (Jan) is scheduled for tomorrow at 13:15 UTC. United States Interest Rate is expected tomorrow at 19:00 UTC.