West Texas crude trades at $89.43 per barrel after gaining $2.96 (3.42%).
At the same time, United States Core Consumer Prices released yesterday at 13:30 UTC with a figure of 0.3%, while the previous figure was 0.6%. United States Consumer Price Index came out at 0.4%, while a consensus of analysts was expecting 0.6%. United States Consumer Price Index released yesterday at 13:30 UTC with a figure of 7.7%, while the previous figure was 8.2%.
Trend-following investors would be interested to note that Crude Oil made an initial breakout above its 21 day Simple Moving Average at $87.31, a potential indicator of a newly emerging bullish phase. Crossed the $87.62 Fibonacci level, next level is at $92.64. Analysis based on the asset volatility indicates that West Texas crude's upper Bollinger Band® is at $92.25, this is a slight indication of a slowdown. Chart analysis indicates WTI crude oil broke through the $87.65 resistance, climbing $1.78 above it.
With market volatility ebbing, the current technical outlook indicates West Texas crude will remain range-bound for the immediate future.
This rally in WTI crude's price coincides with other Energy as Brent Crude Oil is up 2.59% to $96.1. Heating Oil is up 2.08%.
Other Energy are showing mixed performance as Natural Gas trades close to $6.27, with no major change.
Approximately 8 months ago, West Texas crude reached a significant high of $124.77 but has struggled to hold onto its gains and declined 30.7% since then.