After closing the previous trading day at $73.17, WTI crude oil is up to $74.22 per barrel, which makes for a move of 1.44%/$1.05 today.
United States Consumer Price Index is next today at 13:30 UTC.
Meanwhile, United States Federal Budget Balance (Nov) released yesterday at 19:00 UTC with a figure of -249 billion, while the previous figure was -88 billion. United States 10-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.625, while the previous figure was 4.14. Fresh 3-Year Note Auction data from United States came out at 4.093.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored.
West Texas crude is likely to reverse course and start pointing downward in the short term.
Rallies can also be seen in other Energy, Brent Crude Oil moves up 1.71% to trade around $79.32. Natural Gas is up 3.25%. Heating Oil ascends 1.49% to trade around $3.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -3.91 million. It previously stood at -5.19 million; data will be released tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States Consumer Price Index is expected today at 13:30 UTC. United States Interest Rate figure is projected at 4.5. It previously stood at four; data will be released tomorrow at 19:00 UTC.
The commodity has been trending lower for about a month. US crude oil has shed 39.55% over the past six months.