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Jun. 25, 2024

West Texas crude still looks indecisive as it trades even at $81.5

Live - Updated 35 minutes ago.

It's been more of the same this session on the back of 4 days of flat trade, Today's session so far looks to be heading in a similar way — West Texas crude is trading at $81.5 per barrel after closing the previous day at $81.63.

Crude Oil made an initial break below its 5 day Simple Moving Average at $81.35, a possible indication of a forthcoming negative trend. On the other hand, note that WTI crude is approaching key support, around 81 cents away from $80.69. 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 West Texas crude is positioned for a downward move in the near term.

Meanwhile, mixed performances are seen in other Energy as Natural Gas is down 4.9 cents from the beginning of the session and now trades around $2.76. Heating Oil is up 0.52%.

West Texas crude has gained 23.89% since its lowest print of $67.77 earlier this year.

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Week to date

US crude oil drifts up to $81.5 per barrel (a 0% gain) after closing the previous session at zero cents .

Trading week at a glance - Crude Oil is up to $81.5 per barrel, after closing yesterday at zero cents. Overall, a 0% move or $81.5 this week. (Start trading US crude oil at FXTM today).