WTI crude posts light gains on a low-volatility day, ranging between $73.84 – $75.87 and is now at $75.4 per barrel.
WTI crude is currently trading at $75.4 following the release of EIA Short-Term Energy Outlook data from the United States.
At the same time, United States 3-Year Note Auction released today at 18:00 UTC with a figure of 3.977, while the previous figure was 4.093.
Crude Oil made an initial breakout above its 5 day Simple Moving Average at $74.37, a potential indicator of a newly emerging bullish phase. On the other hand, note that WTI crude is $1.02 away from testing key resistance at $76.42. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems WTI crude might continue pointing upwards in the short term.
This rally in US crude oil's price coincides with other Energy as Heating Oil is up 2.48%. Brent Crude Oil ascends 0.77% to trade around $80.26.
Though WTI crude oil is going up, other Energy are underperforming — Natural Gas closed at $3.62 (down 7.37%).
Also worthy of note, United States Crude Oil Inventories expected to decline to -2.38 million while its preceding data was 1.69 million, data will be available tomorrow at 15:30 UTC.
This year has been a gloomy one for WTI crude after trading as high as $124.77 and going on to lose 7% of its value.