Yesterday at a glance: Brent crude oil spiked to $98.64 per barrel, gaining $3.97.
Uptick comes while some more positive signs for ICE Brent crude are out as highly important Non Farm Payrolls data from United States beat analyst expectations of 200,000 with a reading of 261,000.
Nevertheless, Unemployment Rate in United States fell short of market expectations (3.6) with a reading of 3.7, continuing the decline from the previous figure of 3.5.
Meanwhile, United States CFTC S&P 500 speculative net positions released yesterday at 19:30 UTC with a figure of -175,100, while the previous figure was -219,100.
Brent Crude Oil made an initial breakout above its 10 day Simple Moving Average at $95.03, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $97.92 currently serving as resistance In contrast, Brent crude oil could be slowing down soon as it approaches resistance at $100.15. Of course, crossing it might suggest further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at $98.85, thereby suggesting that Brent crude is becoming overvalued.
With all probabilities considered, today's gains in ICE Brent 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, Crude Oil soars 5.28% yesterday and closed at $88.35. Natural Gas added 8.1% and closed around $5.97 yesterday. Heating Oil went up by 0.74% yesterday, and closed at $3.89.
ICE Brent crude is now trading 26.68% below the significant high of $129.12 it set around 7 months ago.