Tentatively higher from an earlier low of $81.08, US crude oil is up to $82.04 per barrel today, adding $1.04, or 1.27%, to yesterday's closing price of $81.
United States Core PCE Price Index (MoM) (Dec) is next today at 13:30 UTC.
This move comes while some more positive signs for WTI crude are out as United States Core Durable Goods Orders released yesterday at 13:30 UTC is better than expected at -0.1% but down from preceding data of 0.1% according to new data. Data for United States GDP released yesterday at 13:30 UTC is better than expected with 2.9, but worse than previous figure of 3.2.
At the same time, United States New Home Sales (Dec) came out at 616,000, while a consensus of analysts was expecting 617,000.
Crude Oil's upper Bollinger Band® is at $84.08, this is a slight indication of a slowdown. Although WTI crude is appreciating today after rising as high as $82.2, price action is now slowing and consolidating around 9 cents below the $82.13 resistance level.
Examining the technical analysis landscape, West Texas crude is likely to reverse course and start pointing downward in the short term.
Rallies can also be seen in other Energy, having closed the previous session at $87.47, Brent Crude Oil is up 1.2% today to currently trade at around $88.52. Heating Oil rises 0.9% to trade around $3.43.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released today at 15:00 UTC.
Also worthy of note, United States Core PCE Price Index (MoM) (Dec) is scheduled for today at 13:30 UTC.
WTI crude oil hit a significant low of $71 around a month ago, but has since recovered 14.07%.