WTI crude oil is rallying again to $81.09 per barrel (up $1.36), after erasing earlier gains.
At the same time, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.974, while the previous figure was 4.192. Fresh 2-Year Note Auction data from United States came out at 4.505.
Crude Oil made an initial breakout above its 5 day Simple Moving Average at $81.25, a potential indicator of a newly emerging bullish phase. US crude oil's lower Bollinger Band® is at $78.52, indicating that the market is oversold and fertile for new buyers. Despite this, after reaching the known resistance zone beginning at $81.67, WTI crude price action retreated approximately 58 cents.
West Texas crude continues to move higher with technical analysis indicating the trend will continue in the short term.
This rally in West Texas crude's price coincides with other Energy as Brent Crude Oil climbs 1.29% to trade around $88.58.
Meanwhile, Natural Gas is down to $6.55, losing 22.3 cents, after closing at $6.78 in the preceding trading session.
Other Energy are showing mixed performance as Heating Oil moves 0.49% to trade around $3.51.
Moreover, macro data could boost sentiment further as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released tomorrow at 13:30 UTC.
Also worthy of note, United States Initial Jobless Claims expected to decline to 225,000 while its preceding data was 222,000, data will be available tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States New Home Sales (Oct) scheduled to come out tomorrow at 15:00 UTC.
US crude oil is now trading 36.1% below the significant high of $124.77 it set around 8 months ago.