A quick look at yesterday: US crude oil spiked to $93 per barrel, gaining $4.65.
US crude oil upside coincides with further encouraging market factors as highly important Non Farm Payrolls data from United States beat analyst expectations of 200,000 with a reading of 261,000.
On the flip side, Unemployment Rate in United States fell short of market expectations (3.6) with a reading of 3.7, continuing the decline from the previous figure of 3.5.
Meanwhile, United States CFTC S&P 500 speculative net positions released yesterday at 19:30 UTC with a figure of -175,100, while the previous figure was -219,100.
Crude Oil made an initial breakout above its 5 day Simple Moving Average at $88.47, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $89.47 by around $3.54 with prices hammering out a $88.27 – $93.28 session range. In contrast, West Texas crude's upper Bollinger Band® is at $92.6, this is a slight indication of a slowdown. West Texas crude could be slowing down soon as it approaches resistance at $94.38. Of course, crossing it might suggest further gains are ahead.
According to technical analysis, it looks as if US crude oil likely to continue pointing upward in the short term.
Rallies can also be seen in other Energy, Natural Gas soars 8.1% yesterday and closed at $5.97. Brent Crude Oil added 4.19% and closed around $94.67 yesterday. Notably, Heating Oil rose 0.74% yesterday and closed at $3.87.
WTI crude oil is now trading 29.19% below the significant high of $124.77 it set around 7 months ago.