WTI Crude Oil Looks to Extend Wednesday’s Losses

The popular U.S. West Texas Intermediate (WTI) crude oil futures contract is looking to extend losses seen during the previous trade session on Wednesday.

During the Asian trade session on Thursday, price action seems to have a bearish bias trading around $65.40 per barrel and looking to challenge $65.20 per barrel.

The Eurozone will release their monthly retail sales. Germany will release their monthly factory orders. The United States is releasing key weekly labor data. This includes the Labor Department’s weekly initial and continuing jobless claims as well as the monthly private Challenger jobs cuts.

Today is “Super Thursday” in the United Kingdom. The Bank of England (BOE) will announce monetary policy and interest rates today. This includes the Bank of England’s monthly asset purchase program or quantitative easing (QE).

The Bank of England is not expected to make any changes to rates, purchases or policy. The BOE will also release their quarterly economic forecasts and hold a press conference.

Daily WTI Crude Oil Technical Analysis

Looking at the daily technical analysis on the above daily MT 4 price chart, the WTI crude oil contract is moving lower from a double top formation near the upside barrier lining up at $66.50 per barrel.

With that said, the WTI oil contract has immediate support lining up at the 4 May low price point at $64.25 per barrel. The next downside barrier lines up at the Monday low price point at $62.88. The fifty (50) day simple moving average at $62 per barrel then comes into focus.

Also of note is the 14 day momentum indicator. The Moving Average Convergence Divergence (MACD) is above the mid-line edging higher. This could be a good sign for the oil bulls.

The first upside barrier lines up at Wednesday’s high price point at $66.70 per barrel. The 8 March high price point at $67.85 then comes into play.