After closing the previous trading day at $75.39, WTI crude oil is up to $75.96 per barrel, which makes for a move of 0.76%/57 cents today.
United States Core PCE Price Index (MoM) (Jan) is next today at 13:30 UTC.
This move comes while some more positive signs for US crude oil are out as highly important Crude Oil Inventories data from United States beat analyst expectations of 2 million with a reading of 7.65 million. United States Initial Jobless Claims came out at 192,000, better than analyst estimates of 200,000 and improving upon the previous reading of 195,000.
Nevertheless, GDP in United States fell short of market expectations (2.9) with a reading of 2.7, continuing the decline from the previous figure of 3.2.
Crude Oil's lower Bollinger Band® is at $73.35, indicating that the market is oversold and fertile for new buyers.
Overall, looking at the technical analysis landscape, it seems WTI crude oil might continue pointing upwards in the short term.
This rally in WTI crude oil's price coincides with other Energy as having closed the previous session at $2.71, Heating Oil is up 1.66% today to currently trade at around $2.75. Brent Crude Oil gained 0.78% and is currently trading at $82.85. Natural Gas gained 1.6% and is now trading at $2.35.
The market is looking forward to the release of new data: United States Core PCE Price Index (MoM) (Jan) is scheduled for today at 13:30 UTC. United States New Home Sales (Jan) will be released today at 15:00 UTC.
WTI crude oil is now trading 39.58% below the significant high of $124.77 it set around 11 months ago.