While yesterday ended at $81.53, today, West Texas crude rallied above $83.34 for the first time in 2 months and gained $1.68 — now trading at $83.21.
United States FOMC Meeting Minutes is next today at 18:00 UTC.
West Texas crude upside coincides with further encouraging market factors as United States Crude Oil Inventories came out at 597,000, better than analyst estimates of -583,000 and improving upon the previous reading of -3.74 million.
At the same time, United States Consumer Price Index released today at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.
WTI crude chart analysis: Crude Oil broke through the $82.24 resistance and climbed above it 97 cents; next resistance level is at $83.02. Trend and momentum analysis indicates that investors are seeking long positions as US crude oil price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that WTI crude oil's upper Bollinger Band® is at $83.87, this is a slight indication of a slowdown.
Overall, while WTI crude oil has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other Energy also shows upside as Heating Oil added 1.9% to its value, now trading at $2.72. Having closed the previous session at $85.61, Brent Crude Oil is up 1.9% today to currently trade at around $87.24.
Though West Texas crude is going up, other Energy are underperforming — after ending yesterday's session at $2.19, Natural Gas lost 8.8 cents and is trading around $2.1.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC.
Also worthy of note, United States Initial Jobless Claims projected to come out at 232,000 — worse than previous data of 228,000; data will be released tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States FOMC Meeting Minutes will be released today at 18:00 UTC.
West Texas crude has fallen back around 33.22% over the past 10 months, from a notable high of $122.09.