Commodity traders stay bullish as WTI crude oil adds 52 cents or 0.75%

US crude oil goes up to $69.68 per barrel after dipping down to $68.71 earlier.

Crude Oil made an initial breakout above its 3 day Simple Moving Average at $69.5, a potential indicator of a newly emerging bullish phase. West Texas crude's lower Bollinger Band® is at $67.66, indicating that the market is oversold and fertile for new buyers. In contrast, US crude oil price action is currently oscillating around the $69.8 resistance level with prices moving above and below several times during the session.

Examining the technical analysis landscape, WTI crude oil might continue its downtrend in the short term.

A look at other Energy also shows upside as having closed the previous session at $2.41, Heating Oil is up 1.48% today to currently trade at around $2.44. Brent Crude Oil climbs 0.83% to trade around $74.46. Natural Gas gained 1.47% and is now trading at $2.77.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Core Durable Goods Orders is projected to outperform its last figure with -0.2%. It previously stood at -0.3%; data will be released tomorrow at 12:30 UTC.

Also worthy of note, United States Building Permits will be released tomorrow at 12:00 UTC. United States New Home Sales (May) scheduled to come out tomorrow at 14:00 UTC.

14 days ago, WTI crude fell to a low of $67.25 but has since recovered 2.84%.