Bullish US crude oil runs out of steam at $76.92; currently at $76.63 per barrel

A quick look at today: WTI crude rallied $1.87 (2.5%) deep into the session, closing at $76.63 per barrel.

On the flip side, highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of -5.2%. Highly important GDP data from United States beat analyst expectations of two with a reading of 1.1.

Meanwhile, United States Core PCE Price Index (MoM) (Mar) released today at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3.

Crude Oil made an initial breakout above its 5 day Simple Moving Average at $76.57, a potential indicator of a newly emerging bullish phase. US crude oil's lower Bollinger Band® is at $74.11, indicating that the market is oversold and fertile for new buyers. On the other hand, note that WTI crude is $1.14 away from testing key resistance at $77.77. Peaking above this level could inspire market bulls and open the path to further gains.

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

Rallies can also be seen in other Energy, Brent Crude Oil went up by 2.6% today, and closed at $80.25. Heating Oil added 0.83% and closed around $2.35 today. Notably, Natural Gas rose 1.83% today and closed at $2.35.

West Texas crude is now trading 38.77% below the significant high of $122.09 it set around 10 months ago.