Tentatively higher from an earlier low of $78.4, US crude oil is up to $80.43 per barrel today, adding $2.23, or 2.85%, to yesterday's closing price of $78.2.
WTI crude is currently trading at $80.43 following the release of Fed Chair Powell speech data from the United States.
Uptick comes while some more positive signs for West Texas crude are out as data for United States Pending Home Sales published today at 15:00 UTC came out at -4.6%, beating projections of -5% and showing improvement over the preceding figure of -8.7%.
Nevertheless, Crude Oil Inventories in United States fell short of market expectations (-2.76 million) with a reading of -12.58 million, continuing the decline from the previous figure of -3.69 million.
At the same time, United States JOLTs Job Openings (Oct) came out at 10.33 million, while a consensus of analysts was expecting 10.3 million.
Crude Oil made an initial breakout above its 10 day Simple Moving Average at $79.69, a potential indicator of a newly emerging bullish phase. Crossed the $79.49 Fibonacci level, next level is at $82.59.
Overall, looking at the technical analysis landscape, it seems WTI crude might continue pointing upwards in the short term.
This rally in West Texas crude's price coincides with other Energy as having closed the previous session at $83.03, Brent Crude Oil is up 2.78% today to currently trade at around $85.34. Heating Oil is up 2.62%.
While WTI crude is appreciating, other Energy are comparatively not doing so well — after ending yesterday's session at $7.24, Natural Gas lost 27 cents and is trading around $6.96.
Moreover, macro data could boost sentiment further as United States Initial Jobless Claims is projected to outperform its last figure with 235,000, having previously been at 240,000. The figure will be published tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Oct) is expected tomorrow at 13:30 UTC. United States ISM Manufacturing PMI (Nov) is scheduled for tomorrow at 15:00 UTC.
West Texas crude is now trading 20.18% below its 3-month high of $124.77.