Friday at a glance: WTI crude rallied $1.87 (2.5%) deep into the session, closing at $76.63 per barrel.
Crude Oil made an initial breakout above its 5 day Simple Moving Average at $76.57, a potential indicator of a newly emerging bullish phase. West Texas crude's lower Bollinger Band® is at $74.11, indicating that the market is oversold and fertile for new buyers. Despite this, WTI crude could be slowing down soon as it approaches resistance at $77.77. Of course, crossing it might suggest further gains are ahead.
According to technical analysis, it looks as if WTI crude likely to continue pointing upward in the short term.
This rally in West Texas crude's price coincides with other Energy as notably, Brent Crude Oil rose 2.6% Friday and closed at $78.22. Notably, Heating Oil rose 0.92% Friday and closed at $2.35. Natural Gas went up by 1.83% Friday, and closed at $2.4.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Apr) scheduled to come out tomorrow at 14:00 UTC.
Having set a significant high of $122.09 10 months ago, West Texas crude is trading 38.77% lower.