Energy in focus as bullish WTI crude oil posts 1.07% gain

After closing the previous trading day at $75.68, WTI crude is up to $76.49 per barrel, which makes for a move of 1.07%/81 cents today.

United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 108.5 (previous figure was 107.1).

Uptick comes while some more positive signs for WTI crude are out as data for United States Pending Home Sales published yesterday at 15:00 UTC came out at 8.1%, beating projections of 1% and showing improvement over the preceding figure of 1.1%. United States Core Durable Goods Orders beat analyst expectations of 0.1% and the previous reading of -0.4% with new data of 0.7%.

At the same time, United States Core Durable Goods Orders published yesterday at 13:30 UTC came out at -4.5%, falling short of the -4% projections and continuing its decline from the previous 5.1% figure.

Crude Oil's lower Bollinger Band® is at $73.92, 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.

Other Energy are showing mixed performance as Brent Crude Oil moves 0.64% to trade around $83.

Moreover, macro data could boost sentiment further as United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released today at 15:00 UTC.

Also worthy of note, United States Crude Oil Inventories expected to decline to 440,000 while its preceding data was 7.65 million, data will be available tomorrow at 15:30 UTC.

Elsewhere, United States ISM Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.

Having set a significant high of $124.77 11 months ago, WTI crude oil is trading 39.34% lower.