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July 05, 2023Tentatively higher from an earlier low of $69.9, WTI crude oil is up to $71.14 per barrel today, adding $1.35, or 1.93%, to yesterday's closing price of $69.79.
As the day gets underway, chart analysis suggests Crude Oil could be slowing down soon as it approaches resistance at $71.61. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that WTI crude made an initial breakout above its 50 day Simple Moving Average at $71.03, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that US crude oil's upper Bollinger Band® is at $72.43, this is a slight indication of a slowdown.
Notwithstanding US crude oil's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Rallies can also be seen in other Energy, Heating Oil gained 2.52% and is currently trading at $2.44. Brent Crude Oil gained 1.97% and is now trading at $76.12. Natural Gas is up 1.51%.
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 -729,000, having previously been at -9.60 million. The figure will be published tomorrow at 15:00 UTC.
Also worthy of note, projections for United States Initial Jobless Claims are set for a continuation of decline with 245,000 while previous data was 239,000; data will be released tomorrow at 12:30 UTC.
Elsewhere, United States ADP Nonfarm Employment Change (Jun) scheduled to come out tomorrow at 12:15 UTC.
WTI crude oil is up 3.78% from the significant low of $67.25 it hit 23 days ago.
