EIA data due out at the bottom of the hour. Crude oil is trading below $70 | Forexlive

The price of WTI crude oil futures is currently trading down -$2.16 at $69.13. The low price reached $67.93, marking the lowest level since December 20, 2021. Examining the daily chart, the price surpassed the 2022 low of $70.08 earlier today and is now below the 61.8% retracement of the upward movement from the October 2020 low. This level, at $71.65, may serve as a nearby risk-defining marker for sellers anticipating further decline.

It is worth noting that the 100-day moving average (depicted by the blue line in the chart above) has acted as resistance since the downturn in July 2022. Tests of the moving average line occurred in November and again in January and March. Although the price briefly rose above this crucial moving average level, sellers swiftly re-entered the market and pushed the price back downward.

At the bottom of the hour, the EIA weekly crude inventory data will be released, with an expected build of 1.188 million barrels. Gasoline stocks are projected to show a draw of 1.820 million barrels, while distillate stocks are expected to reveal a draw of 1.172 million barrels.

The private data released late yesterday showed: