WTI crude oil goes up to $86.35 per barrel after dipping down to $83.68 earlier.
United States's Consumer Confidence new data released of 102.5 below its previous figure.
On the flip side, highly important Consumer Confidence data from United States beat analyst expectations of 106.5 with a reading of 102.5.
Meanwhile, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Aug) released today at 13:00 UTC with a figure of 13.1, while the previous figure was 16. United States Services PMI came out at 46.6, while a consensus of analysts was expecting 49.2.
Despite posting gains so far today, Crude Oil slid below its 21 day Simple Moving Average at $85.1 in earlier trade — an early indicator that a negative trend could be emerging. Despite this, WTI crude broke through the $86.12 resistance and climbed above it 22 cents; next resistance level is at $87.67.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest WTI crude oil is set for a reversal in the coming days.
This rally in WTI crude oil's price coincides with other Energy as Natural Gas is up 4.69%.
Other Energy are showing mixed performance as Brent Crude Oil moves 0.47% to trade around $93.7. Heating Oil trades with no major change, around $3.93.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with 200,000. It previously stood at -1.73 million; data will be released tomorrow at 14:30 UTC.
Also worthy of note, United States New Home Sales (Sep) is expected tomorrow at 14:00 UTC.
WTI crude is now trading 31.5% below the significant high of $124.77 it set around 7 months ago.