Tentatively higher from an earlier low of $80.55, West Texas crude is up to $80.93 per barrel today, adding 75 cents, or 0.94%, to yesterday's closing price of $80.18.
United States's Core Retail Sales new data released of -1.1% below its previous figure.
Nevertheless, Producer Price Index in United States fell short of market expectations (-0.1%) with a reading of -0.5%, continuing the decline from the previous figure of 0.2%. Highly important Core Retail Sales data from United States beat analyst expectations of -0.4% with a reading of -1.1%. Retail Sales in United States fell short of market expectations (-0.8%) with a reading of -1.1%, continuing the decline from the previous figure of -1%.
US crude oil's notable support and resistance levels: although Crude Oil is appreciating today after rising as high as $82.38, price action is now slowing and consolidating around 50 cents below the $81.43 resistance level. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Price action remains constrained around the key Fibonacci level of $81.12 currently serving as resistance Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $82.73, thereby suggesting that WTI crude is becoming overvalued.
Overall, while West Texas crude has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Rallies can also be seen in other Energy, Heating Oil is up 2.15%. Brent Crude Oil increases 0.72% to trade around $86.54.
At the same time, Natural Gas closed at $3.42 (down 4.6%).
Also worthy of note, projections for United States Crude Oil Inventories are set for a continuation of decline with -1.75 million while previous data was 18.96 million; data will be released tomorrow at 16:00 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 214,000 from the preceding figure of 205,000.
Elsewhere, United States Philadelphia Fed Manufacturing Index (Jan) scheduled to come out tomorrow at 13:30 UTC.
US crude oil is now trading 12.9% above the significant low ($71) it slumped to a month ago.