WTI crude oil trades at $77.35 per barrel after gaining $1 (1.32%).
Crude Oil made an initial breakout above its 3 day Simple Moving Average at $76.89, a potential indicator of a newly emerging bullish phase. West Texas crude formed a session range of $76.12 to $77.51 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $77.23. On the other hand, note that West Texas crude broke through the $77 resistance and climbed 36 cents above it.
Overall, looking at the technical analysis landscape, it seems US crude oil might continue pointing upwards in the short term.
This rally in US crude oil's price coincides with other Energy as Heating Oil is up 2.35%. Brent Crude Oil is up 1.47%.
Other Energy are showing mixed performance as Natural Gas moves 0.62% to trade around $2.29.
The market is looking forward to the release of new data: United States Existing Home Sales (Jan) scheduled to come out tomorrow at 15:00 UTC.
West Texas crude has fallen back around 38.82% from the significant high of $124.77 set 11 months ago.