After closing the previous trading day at $88.35, WTI crude is up to $90.61 per barrel, which makes for a move of 2.57%/$2.27 today.
United States Non Farm Payrolls data will be released today at 12:30 UTC, with an expected decline to 200,000.
West Texas crude upside coincides with further encouraging market factors as data for United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 217,000, beating projections of 220,000 and showing improvement over the preceding figure of 218,000.
At the same time, United States ISM Non-Manufacturing PMI (Oct) came out at 54.4, while a consensus of analysts was expecting 55.5. New Factory Orders data from United States matched market expectations with a reading of 0.3% — a positive step in contrast to previous data of 0.2% from last month.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $92.47, thereby suggesting that Crude Oil is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest US crude oil is set for a reversal in the coming days.
This rally in US crude oil's price coincides with other Energy as Brent Crude Oil goes up 2.04% to trade around $96.6. Heating Oil is up 1.33% to $3.92.
Other Energy are showing mixed performance as Natural Gas moves 0.72% to trade around $6.
Also worthy of note, today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 200,000 from the preceding figure of 263,000. As things stand, upcoming United States Unemployment Rate data is projected to fall short of market expectations with newly published data of 3.6, following on from the preceding figure of 3.5. New data is set to be published today at 12:30 UTC.
WTI crude oil reached a significant high of $124.77 around 7 months ago but has lost 29.19% since then.