West Texas crude went up 59 cents, closing at $70.45 and building up on its four days of gains

A quick look at yesterday: US crude oil closed yesterday at $70.45 per barrel (with a daily low of $69.53) after ending Thursday at $69.86 and gaining 0.84%.

At the same time, United States Core PCE Price Index (YoY) (May) released yesterday at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7. United States Core PCE Price Index (MoM) (May) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -208,300, while the previous figure was -239,300.

Crude Oil made an initial breakout above its 50 day Simple Moving Average at $71, a potential indicator of a newly emerging bullish phase. West Texas crude formed a session range of $69.53 to $71.04 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $69.82. Despite this, although WTI crude is appreciating today after rising as high as $71.04, price action is now slowing and consolidating around 78 cents below the $71.23 resistance level. West Texas crude's upper Bollinger Band® is at $72.48, this is a slight indication of a slowdown.

According to technical analysis, it looks as if WTI crude likely to continue pointing upward in the short term.

Rallies can also be seen in other Energy, Heating Oil added 1.4% and closed around $2.41 yesterday. Notably, Natural Gas rose 2.7% yesterday and closed at $2.7. Brent Crude Oil went up by 0.75% yesterday, and closed at $74.9.

West Texas crude hit a significant low of $67.25 around 19 days ago, but has since recovered 3.88%.