After closing the previous trading day at $72, WTI crude oil is up to $72.86 per barrel, which makes for a move of 1.18%/86 cents today.
United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 230,000.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -3.31 million with a reading of -5.19 million.
Meanwhile, United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of -373,000, while the previous figure was -415,000. United States Unit Labor Costs (QoQ) (Q3) came out at 2.4, while a consensus of analysts was expecting 3.1.
Trend analysis indicates that 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. Asset volatility analysis shows that WTI crude oil's lower Bollinger Band® is at $72.1, indicating that the market is oversold and fertile for new buyers.
With market volatility ebbing, the current technical outlook indicates WTI crude oil will remain range-bound for the immediate future.
This rally in WTI crude's price coincides with other Energy as having closed the previous session at $77.17, Brent Crude Oil is up 1.17% today to currently trade at around $78.07. Heating Oil gained 0.96% and is now trading at $2.81. Having closed the previous session at $5.72, Natural Gas is up 1.87% today to currently trade at around $5.83.
Also worthy of note, today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 230,000 from the preceding figure of 225,000.
Furthermore, the market is looking at United States Producer Price Index is expected tomorrow at 13:30 UTC.
The commodity has been trending lower for about a month. WTI crude traded as high as $124.77 before shedding 38.65% lower over the past six months.