West Texas crude got off to a strong start by gaining $1.13 (+1.44%), only to run out of steam later in the session around $82.72. Currently, WTI crude is trading around the $81.13 per barrel level.
WTI crude is currently trading at $81.13 following the release of ISM Non-Manufacturing PMI (Nov) data from the United States.
At the same time, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. Data for United States Factory Orders published today at 15:00 UTC came out at 1%, beating projections of 0.7% and showing improvement over the preceding figure of 0.3%. United States ISM Non-Manufacturing Employment (Nov) released today at 15:00 UTC with a figure of 51.5, while the previous figure was 49.1.
Crude Oil made an initial breakout above its 21 day Simple Moving Average at $82.43, a potential indicator of a newly emerging bullish phase. WTI crude is currently trading around the $82.59 Fibonacci resistance level. Despite this, although US crude oil is appreciating today after rising as high as $82.72, price action is now slowing and consolidating around 45 cents below the $81.58 resistance level.
Overall, looking at the technical analysis landscape, it seems West Texas crude might continue pointing upwards in the short term.
This rally in US crude oil's price coincides with other Energy as Brent Crude Oil added 1.39% to its value, now trading at $86.76.
Meanwhile, Natural Gas closed at $5.78 (down 8%).
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
The commodity has been trending lower for about 30 days. US crude oil has shed 33.58% over the past six months.