Crude OIL Live News

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Crude OIL

Jun. 7, 2023

US crude oil trades at $72.28 ahead of United States Crude Oil Inventories today at 14:30 UTC

Live - Updated 35 minutes ago.

After closing at $71.74 yesterday, US crude oil began today at $71.56 with significant bullish sentiment driving US crude oil's price action higher. So far today, price action has drawn out a distinct $71 to $72.35 range.

United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected decline to 1 million.
In contrast to today's gains, WTI crude oil has been on a 3 day bearish trend during which it lost $2.25 of its value.

Earlier data releases related to WTI crude oil – United States API Weekly Crude Oil Stock came out at -1.71 million, while a consensus of analysts was expecting 1.5 million.

Here is the technical analysis of WTI crude before macro data is released:

Trend analysis indicates that Crude Oil made an initial breakout above its 21 day Simple Moving Average at $71.69, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $74.7, thereby suggesting that WTI crude is becoming overvalued. Technical analysis of WTI crude oil's past price action reveals multiple support and resistance levels: West Texas crude could be slowing down soon as it approaches resistance at $72.47. Of course, crossing it might suggest further gains are ahead.

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

Coming up for US crude oil — today at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1 million from the preceding figure of 4.49 million. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 235,000, following on from the preceding figure of 232,000. New data is set to be published tomorrow at 12:30 UTC.

As the markets get ready for more data to be released — Heating Oil is up 0.71%. Brent Crude Oil is up 0.69%.

West Texas crude has recovered 5.41% since descending to a significant low of $68.06 around 7 days ago.

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Week to date

After ending yesterday at $72.28 per barrel, WTI crude oil inches up to $72.28 per barrel (up $72.28) .

Trading week at a glance - Crude Oil is up to $72.28 per barrel, after closing yesterday at zero cents. Overall, a 0% move or $72.28 this week. (Start trading US crude oil at FXTM today).

Uptick comes while some more positive signs for US crude oil are out as United States Non Farm Payrolls beat analyst expectations of 180,000 and the previous reading of 294,000 with new data of 339,000.

Nevertheless, United States Average Hourly Earnings published Friday came out at 0.3%, falling short of the 0.4% projections and continuing its decline from the previous 0.4% figure. Following a previous reading of 3.4, Unemployment Rate in United States released Friday fell short of the 3.5 figure expected by analysts with an actual reading of 3.7.

Meanwhile, United States ISM Non-Manufacturing PMI (May) released Monday with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1.

Also worthy of note, as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1 million, following on from the preceding figure of 4.49 million. New data is set to be published today at 14:30 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 232,000.

Furthermore, the market is looking at United States Core Consumer Prices is expected Tuesday.

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