Crude OIL Live News

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Jul. 23, 2021

Crude oil up 38 cents, closing at $72.44 and building up on its four days of gains.

(23:27) GMT

Oil today at a glance – light green, mostly flat: Oil ranged between $72.44 and $71.64 and is closed at $72.44.

Oil green move takes place amid mixed market indicators – United States Existing Home Sales released earlier shows an improvement to 5.86 million from the preceding data of 5.78 million, but falls short of the projected 5.90 million. United States Initial Jobless Claims fall short of the 350,000 projections, with 419,000 and continued its downward trajectory from previous figure of 368,000.

More data out today as data for United States CFTC Crude Oil speculative net positions was released today at 7:30 PM suggests a downwards trend with 448,700, while previous data was 499,100.

Chart visual study suggest nearest resistance level is at $76.36.

In the meantime S&P 500 climbs to new all-time high at 4,412.81. Nasdaq reaches a new record high at 14,843. Dow Jones up 238.2 points to 35,062 building up on its four days of gains.

Crude oil has started this year by gaining 32.82%. Looking at Crude oil's long term behavior shows it is currently on a down trend that started roughly 17 days ago.

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Week to date

Oil rises to $72.44 (a 1.18% gain) after starting the week at $71.59 .

After dipping down to $65.86, Oil regained earlier losses, closing higher at $72.44. (Start trading Crude oil at FXTM today).

Uptick comes while some more positive signs for Crude oil are out as United States Crude Oil Inventories beats expectations of -4.47 million with new data release of 2.11 million. This is also a step forward from the previous data of -7.90 million.

At the same time, United States Existing Home Sales released earlier shows an improvement to 5.86 million from the preceding data of 5.78 million, but falls short of the projected 5.90 million. United States Initial Jobless Claims published yesterday at 12:30 PM came out at 419,000, falling short of the 350,000 projections and continuing its decline from the previous 368,000 figure. United States Building Permits published Tuesday came out at 1.60 million, falling short of the 1.70 million projections and continuing its decline from the previous 1.68 million figure.

At the same time, United States CFTC Crude Oil speculative net positions is released with a new figure of 448,700, this is down from preceding data of 499,100.

While Crude oil is green so far today, these assets are not doing so well- Euro/Yen dropped to 128.57, hitting a 4 months low. At 109.06, Dollar/Yen is down to its lowest value in 2 months.

Outlook for rest of the week: Market is looking forward for United States Core Durable Goods Orders projected to outperform last figure with 0.8%, while it previously stood at 0.3%, data will be released Tuesday.