Bullish sentiment helps propel Brent crude to 2.6% gain

Friday at a glance: Brent crude oil closed Friday at $80.25 per barrel (with a daily low of $77.5) after ending Thursday at $78.22 and gaining 2.6%.

Brent Crude Oil made an initial breakout above its 5 day Simple Moving Average at $80.2, a potential indicator of a newly emerging bullish phase. Brent crude's lower Bollinger Band® is at $77.6, indicating that the market is oversold and fertile for new buyers. Despite this, Brent crude oil could be slowing down soon as it approaches resistance at $81.35. Of course, crossing it might suggest further gains are ahead.

According to technical analysis, it looks as if Brent crude likely to continue pointing upward in the short term.

This rally in Brent crude's price coincides with other Energy as notably, Crude Oil rose 2.5% Friday and closed at $74.76. Heating Oil rises 0.92% Friday and closed at $2.35. Natural Gas added 1.83% and closed around $2.35 Friday.

Also worthy of note, United States ISM Manufacturing PMI (Apr) is expected tomorrow at 14:00 UTC.

Brent crude oil is now trading 36.72% below the significant high of $123.6 it set around 10 months ago.