Upwardly mobile West Texas crude extends gains by $2.76; closes session 4.03% higher

A quick look at Friday: US crude oil went up to $71.32 per barrel Friday, gaining 4.03%.

Technical chart analysis shows Crude Oil is $1.33 away from testing key resistance at $72.65. Peaking above this level could inspire market bulls and open the path to further gains. Trend and momentum analysis indicates that West Texas crude made an initial breakout above its 3 day Simple Moving Average at $71.83, a potential indicator of a newly emerging bullish phase.

Notwithstanding WTI crude's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

This rally in WTI crude oil's price coincides with other Energy as Heating Oil rallies 3.85% Friday and closed at $2.24. Notably, Brent Crude Oil rose 3.81% Friday and closed at $72.5.

Other Energy showed mixed performance as Natural Gas moves 0.57% Friday and closed at $2.1.

Having set a significant high of $122.09 10 months ago, US crude oil is trading 43.84% lower.