Bullish US crude oil runs out of steam at $77.11; currently at $76.68 per barrel

Yesterday at a glance: WTI crude oil recovered from the previous trading session's losses and went up to $76.68 per barrel yesterday after it traded lower at $74.77.

US crude oil upside coincides with further encouraging market factors as data from United States concerning Non Farm Payrolls was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 504,000 to 311,000 this month.

On the flip side, Unemployment Rate in United States fell short of market expectations (3.4) with a reading of 3.6, continuing the decline from the previous figure of 3.4.

At the same time, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.

Crude Oil made an initial breakout above its 3 day Simple Moving Average at $76.61, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $76.53 currently serving as resistance US crude oil's lower Bollinger Band® is at $74.04, indicating that the market is oversold and fertile for new buyers. Despite this, WTI crude oil could be slowing down soon; it is getting close to the resistance line and is now at $77.5, only 82 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.

Examining the technical analysis landscape, WTI crude might continue its downtrend in the short term.

This rally in US crude oil's price coincides with other Energy as Heating Oil soars 4.22% yesterday and closed at $2.67. Brent Crude Oil goes up 1.4% yesterday and closed at $81.59.

At the same time, Natural Gas is down to $2.44, losing 10.7 cents, after ending the previous session around $2.54.

West Texas crude is now trading 37.98% below the significant high of $122.09 it set around 9 months ago.