After closing the previous trading day at $78.2, Crude Oil is up to $78.84 per barrel, which makes for a move of 0.82%/64 cents today.
United States ADP Nonfarm Employment Change (Nov) is next today at 13:15 UTC.
This move comes while some more positive signs for West Texas crude are out as highly important Consumer Confidence data from United States beat analyst expectations of 100 with a reading of 100.2.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -7.85 million, while the previous figure was -4.82 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) came out at 10.4, while a consensus of analysts was expecting 10.8.
This rally in WTI crude's price coincides with other Energy as Brent Crude Oil increases 0.82% to trade around $83.71.
Other Energy are showing mixed performance as Heating Oil trades close to $3.3, with no major change.
Moreover, macro data could boost sentiment further as United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Oct) is scheduled for tomorrow at 13:30 UTC.
West Texas crude is now trading 20.18% below its 3-month high of $124.77.