Bullish West Texas crude runs out of steam at $72.17; currently at $71.87 per barrel

A quick look at Friday: with a daily low of $70, WTI crude oil closed Friday at $71.87 per barrel, after ending Thursday at $70.1 and gaining $1.77 (2.52%).

Visual analysis of US crude oil's chart shows that Crude Oil could be slowing down soon as it approaches resistance at $72.75. Of course, crossing it might suggest further gains are ahead. Trend-following investors would be interested to note that West Texas crude made an initial breakout above its 21 day Simple Moving Average at $71.67, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, WTI crude oil's upper Bollinger Band® is at $74.39, this is a slight indication of a slowdown.

Overall, while US crude oil has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

A look at other Energy also shows upside as Brent Crude Oil added 2.61% and closed around $74.28 Friday. Heating Oil is trading around $2.36 after ending Friday's session at $2.31 (up 2.06% today).

Other Energy showed mixed performance as Natural Gas moves 0.88% Friday and closed at $2.16.

Elsewhere, United States ISM Non-Manufacturing PMI (May) is scheduled for tomorrow at 14:00 UTC. United States Services PMI is expected tomorrow at 13:45 UTC.

4 days ago, US crude oil fell to a low of $68.06 but has since recovered 3%.