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Crude OIL

Sep. 26, 2023

WTI crude set for strong finish today; up 0.96% to $90.54 per barrel

Live - Updated 35 minutes ago.

After dipping down to $88.19, US crude oil regains earlier losses and goes up to $90.54 per barrel.

Crude Oil could be slowing down soon as it approaches resistance at $90.82. Of course, crossing it might suggest further gains are ahead. Although up today, early price action saw WTI crude oil dropping below its 21 day Simple Moving Average at $88.83 — an early indicator that a new downward trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $92.96, thereby suggesting that US crude oil is becoming overvalued.

West Texas crude is likely to reverse course and start pointing downward in the short term.

Rallies can also be seen in other Energy, Brent Crude Oil gained 0.84% and is currently trading at $94.07.

Other Energy are showing mixed performance as Natural Gas moves 0.76% to trade around $2.66.

Furthermore, the market is looking at as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of 0.1%, following on from the preceding figure of 0.4%. New data is set to be published tomorrow at 12:30 UTC. United States Crude Oil Inventories is expected tomorrow at 14:30 UTC.

Trading mostly sideways for a month. The past 3 months have been positive for WTI crude oil as it added 45.15% compared to its 3-month low of $67.25.

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Week to date

Stalemate for US crude oil bulls and bears .

A good end to the trading week, Crude Oil is up to $90.54 per barrel, after closing yesterday at zero cents. Overall, a 0% move or $90.54 this week. (Trade WTI 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 201,000.

Meanwhile, United States Services PMI came out at 50.2, while a consensus of analysts was expecting 50.6. United States Existing Home Sales (Aug) released Thursday with a figure of 4 million, while the previous figure was 4 million. Fresh Philadelphia Fed Manufacturing Index (Sep) data from United States came out at -13.5. United States Interest Rate came out at 5.5, while a consensus of analysts was expecting 5.5.

Also worthy of note, United States Core Durable Goods Orders projected to come out at 0.1% — worse than previous data of 0.4%; data will be released tomorrow at 12:30 UTC. United States Pending Home Sales projected to decline to 0.3% while previous data was 0.9%; data will be released Thursday. United States Initial Jobless Claims expected to decline to 217,000 while its preceding data was 201,000, data will be available Thursday.

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