Bullish West Texas crude runs out of steam at $81; currently at $80.97 per barrel

After closing the previous trading day at $80.42, WTI crude oil is up to $80.97 per barrel, which makes for a move of 0.68%/55 cents today.

United States JOLTs Job Openings (Feb) is next today at 14:00 UTC.

Meanwhile, United States ISM Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 46.3, while the previous figure was 47.7. United States ISM Manufacturing Employment (Mar) came out at 46.9, while a consensus of analysts was expecting 50. Fresh ISM Manufacturing Prices (Mar) data from United States came out at 49.2.

Trend-following investors would be interested to note that investors are seeking long positions as Crude Oil price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $81.72, thereby suggesting that US crude oil is becoming overvalued.

Notwithstanding WTI crude oil's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

A look at other Energy also shows upside as Heating Oil is up 0.8%. Natural Gas gained 1.76% and is currently trading at $2.13.

Other Energy are showing mixed performance as Brent Crude Oil moves 0.62% to trade around $85.46.

Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million. It previously stood at -7.49 million; data will be released tomorrow at 14:30 UTC.

Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Mar) is expected tomorrow at 12:15 UTC. United States JOLTs Job Openings (Feb) scheduled to come out today at 14:00 UTC.

West Texas crude has fallen back around 34.13% over the past 9 months, from a notable high of $122.09.