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Jan. 24, 2022

Crude oil is down $1.07 (1.25%), trading around $84.51 per barrel

Live - Updated 57 minutes ago.

Currently light red, U.S. Oil down to $84.51 per barrel after ranging between $86.64 and $82.42 today.

Meanwhile, United States Services PMI fall short of the 55 projections, with 50.9 and continued its downward trajectory from previous figure of 57.6. United States Manufacturing PMI fall short of the 56.7 projections, with 55 and continued its downward trajectory from previous figure of 57.7. United States Composite PMI released today at 2:45 PM with a figure of 50.8, while the previous figure was 57.

As the day reaches an end a chart visual study suggests the nearest support level is at $65.71. In terms of trend indicators, we can see that at $83.66, Crude oil made an initial breakout below the 10 day Simple Moving Average, an indication of a negative trend.

Overall, looking at the technical analysis landscape, it seems U.S. Oil is likely to continue pointing down in the short term.

In the meantime, negative performances are also seen in other symbols, Brent Crude Oil Futures is down $1.56 from the beginning of the session and now trades around $87.08. Natural Gas Futures is trading around $3.97 (down 3.3 cents).

In addition, NY Heating Oil broke through the $2.64 support line and dropped 1 cents below it.

The market will keep its eye on the following upcoming macroeconomics indicators: projections for United States Consumer Confidence are set for a continuation of decline with 111.8 while previous data was 115.8; data will be released tomorrow at 3:00 PM.

CLUSD increased this year, gaining 11.52%. A study on Crude oil's past performance indicates that it is currently on a downtrend that started around a month ago.

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Week to date

After ending Friday at $84.51 per barrel, Oil slides down to $84.51 per barrel (up 89.5 cents) .

A bearish end to the trading week, after ending the previous week at $85.4, Crude Oil Futures went up to $86.59 only to drop back to midpoint range and now trades at $84.51 per barrel. (Trade Chicago Oil with FXTM now).

United States Existing Home Sales fall short of the 6.44 million projections, with 6.18 million and continued its downward trajectory from previous figure of 6.48 million. United States Initial Jobless Claims published Thursday came out at 286,000, falling short of the 220,000 projections and continuing its decline from the previous 231,000 figure.

On the flip side, United States Crude Oil Inventories comes out at 515,000, above the estimate of -938,000. This is also a step forward from the previous data of -4.55 million. Data for United States Philadelphia Fed Manufacturing Index (Jan) released Thursday comes out at 23.2, beating projections of 20 and showing improvement over the preceding figure of 15.4. United States Building Permits beats expectations of 1.70 million with new data release of 1.87 million. This is also a step forward from the previous data of 1.72 million.

Outlook for rest of the week: The market will be looking for upcoming data regarding United States Crude Oil Inventories is expected Wednesday. United States Crude Oil Production is expected Wednesday. United States GDP is projected to outperform its last figure with 5.4. It previously stood at 2.3; data will be released Thursday.