Energy traders focused on WTI crude oil as it powers 0.76% higher

After closing the previous trading day at $77.69, WTI crude is up to $78.28 per barrel, which makes for a move of 0.76%/59 cents today.

United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 195,000.

Uptick comes while some more positive signs for West Texas crude are out as United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected at 1.17 million but down from preceding data of 7.65 million according to new data.

At the same time, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 307,000, while the previous figure was 700,000.

Crude Oil's upper Bollinger Band® is at $80.07, this is a slight indication of a slowdown.

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest West Texas crude is set for a reversal in the coming days.

This rally in West Texas crude's price coincides with other Energy as Brent Crude Oil is up 1.19%. Heating Oil is up 0.67%.

While West Texas crude is higher so far today, these Energy commodities are underperforming: Natural Gas slides down 1.78% to trade around $2.76.

Furthermore, the market is looking at today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.

The market is looking forward to the release of new data: United States ISM Non-Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.

Having set a significant high of $124.77 11 months ago, US crude oil is trading 37.73% lower.