Tentatively higher from an earlier low of $73.93, US crude oil is up to $76.54 per barrel today, adding $1.78, or 2.38%, to yesterday's closing price of $74.76.
WTI crude oil is currently trading at $76.54 following the release of Core PCE Price Index (MoM) (Mar) data from the United States.
On the flip side, highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of -5.2%. Following a previous reading of 2.6, GDP in United States released yesterday at 12:30 UTC fell short of the two figure expected by analysts with an actual reading of 1.1.
Meanwhile, United States Core PCE Price Index (MoM) (Mar) released today at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3.
Crude Oil made an initial breakout above its 5 day Simple Moving Average at $76.57, a potential indicator of a newly emerging bullish phase. US crude oil's lower Bollinger Band® is at $74.4, indicating that the market is oversold and fertile for new buyers. West Texas crude broke through the $75.38 resistance, climbing $1.16 above it.
With all probabilities considered, today's gains in West Texas crude have only added further momentum to existing technical factors favoring greater bullish sentiment in the days to come.
Rallies can also be seen in other Energy, Brent Crude Oil gained 2.53% and is now trading at $80.2. Heating Oil is up 1.25% to $2.38. Natural Gas goes up 1.74% to trade around $2.4.
Approximately 10 months ago, West Texas crude reached a significant high of $122.09 but has struggled to hold onto its gains and declined 38.77% since then.