Bullish US crude oil runs out of steam at $80.61; currently at $80.52 per barrel

After closing the previous trading day at $79.74, West Texas crude is up to $80.52 per barrel, which makes for a move of 0.98%/78 cents today.

United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.

Bollinger Band® analysis indicates that current price action is approaching the upper band at $83.04, thereby suggesting that Crude Oil is becoming overvalued.

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest WTI crude is set for a reversal in the coming days.

A look at other Energy also shows upside as having closed the previous session at $84.18, Brent Crude Oil is up 0.83% today to currently trade at around $84.88.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC.

Also worthy of note, United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.

10 months ago WTI crude reached a significant high of $122.09 but has consequently lost 34.69% since then.