Bullish West Texas crude runs out of steam at $76.09; currently at $76.07 per barrel

After closing the previous trading day at $75.39, US crude oil is up to $76.07 per barrel, which makes for a move of 0.9%/68 cents today.

United States Core PCE Price Index (MoM) (Jan) is next today at 13:30 UTC.

Uptick comes while some more positive signs for WTI crude are out as United States Crude Oil Inventories released yesterday at 16:00 UTC is better than expected at 7.65 million but down from preceding data of 16.28 million according to new data. Data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 192,000, beating projections of 200,000 and showing improvement over the preceding figure of 195,000.

On the flip side, highly important GDP data from United States beat analyst expectations of 2.9 with a reading of 2.7.

Crude Oil's lower Bollinger Band® is at $73.36, indicating that the market is oversold and fertile for new buyers.

Overall, looking at the technical analysis landscape, it seems West Texas crude might continue pointing upwards in the short term.

A look at other Energy also shows upside as Heating Oil increases 1.37% to trade around $2.75. Having closed the previous session at $2.31, Natural Gas is up 1.9% today to currently trade at around $2.36. Having closed the previous session at $82.21, Brent Crude Oil is up 0.84% today to currently trade at around $82.9.

Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Jan) scheduled to come out today at 13:30 UTC. United States New Home Sales (Jan) is scheduled for today at 15:00 UTC.

Having soared to a high of $124.77 approximately 11 months ago, WTI crude oil is now trading 39.58% lower.