WTI crude trades at $78.13 per barrel after gaining 89 cents (1.15%).
United States's Consumer Confidence new data released of 100.2 below its previous figure.
Uptick comes while some more positive signs for WTI crude oil are out as highly important Consumer Confidence data from United States beat analyst expectations of 100 with a reading of 100.2.
At the same time, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) released today at 14:00 UTC with a figure of 10.4, while the previous figure was 13.1. Fresh CFTC Crude Oil speculative net positions data from United States came out at 252,500.
Crude Oil made an initial breakout above its 5 day Simple Moving Average at $78.64, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $79.49 currently serving as resistance. If broken, the next Fib hurdle is expected to be $82.59. On the other hand, note that West Texas crude could be slowing down soon as it approaches resistance at $78.85. Of course, crossing it might suggest further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts US crude oil to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the US crude oil is expected to pick up significant bullish sentiment in the coming days.
Rallies can also be seen in other Energy, Heating Oil is up 2.29% to $3.29.
Other Energy are showing mixed performance as Brent Crude Oil moves 0.55% to trade around $83.65.
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 tomorrow at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.49 million, having previously been at -3.69 million. The figure will be published tomorrow at 15:30 UTC.
Elsewhere, United States ADP Nonfarm Employment Change (Nov) is scheduled for tomorrow at 13:15 UTC.
West Texas crude is now trading 20.38% below its 3-month high of $124.77.