US crude oil adds 1.79% within $75.72 – $73.77 daily range

Friday at a glance: West Texas crude rose $1.33 to close at $75.7 per barrel Friday which makes for a move of 1.79%.

With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that US crude oil's lower Bollinger Band® is at $73.64, indicating that the market is oversold and fertile for new buyers.

With market volatility ebbing, the current technical outlook indicates WTI crude will remain range-bound for the immediate future.

This rally in WTI crude oil's price coincides with other Energy as Heating Oil increases 1.9% Friday and closed at $2.56. Natural Gas went up by 2.95% Friday, and closed at $2.17.

Other Energy showed mixed performance as a flat day for Brent Crude Oil, closing at $79.77.