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Sep. 29, 2022

Muted session threatens to disturb US crude oil's ongoing uptrend

Live - Updated 6 minutes ago.

While WTI crude oil is on a 3 day uptrend Today's session might suggest a slow down — a mostly flat day so far for US crude oil, ranging between $80.63 and $83.19; currently at $82.61 per barrel.

Uncertainty around West Texas crude is reflected by published market data as United States Initial Jobless Claims beat analyst expectations of 215,000 and the previous reading of 209,000 with new data of 193,000. Highly important GDP data from United States beat analyst expectations of -0.6 with a reading of -0.6. Crude Oil Inventories in United States fell short of market expectations (443,000) with a reading of -215,000, continuing the decline from the previous figure of 1.14 million.

Crude Oil made an initial breakout above its 10 day Simple Moving Average at $82.75, a potential indicator of a newly emerging bullish phase. In contrast, West Texas crude is currently flirting with an active Fibonacci support level around $81.94.

Despite muted price action in WTI crude, chart analysis indicates it is positioned for a bullish run in the short term.

Meanwhile, mixed performances are seen in other Energy as Natural Gas closed at $6.68 (down 2.78%).

Moreover, United States Core PCE Price Index (MoM) (Aug) is expected tomorrow at 12:30 UTC.

WTI crude has shed 29.89% over the past three months.

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Week to date

After ending yesterday at $82.61 per barrel, West Texas crude increases slightly to $82.61 per barrel (up $82.61) .

Trading week at a glance - Crude Oil is up to $82.61 per barrel, after closing yesterday at zero cents. Overall, a 0% move or $82.61 this week. (Start trading WTI crude oil at FXTM today).

US crude oil upside coincides with further encouraging market factors as United States Initial Jobless Claims beat analyst expectations of 215,000 and the previous reading of 209,000 with new data of 193,000. New GDP data from United States matched market expectations with a reading of -0.6 -- a positive step in contrast to previous data of -1.6 from last month.

On the flip side, United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -215,000, falling short of the 443,000 projections and continuing its decline from the previous 1.14 million figure. Highly important Pending Home Sales data from United States beat analyst expectations of -1.4% with a reading of -2%.

At the same time, United States New Home Sales (Aug) came out at 685,000, while a consensus of analysts was expecting 500,000.

Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Aug) will be released tomorrow at 12:30 UTC. United States JOLTs Job Openings (Aug) is expected Tuesday. United States ISM Manufacturing PMI (Sep) is expected Monday.