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June 03, 2023Yesterday at a glance: WTI crude closed yesterday at $71.87 per barrel (with a daily low of $70) after ending Thursday at $70.1 and gaining 2.52%.
Uptick comes while some more positive signs for West Texas crude are out as United States Non Farm Payrolls came out at 339,000, better than analyst estimates of 180,000 and improving upon the previous reading of 294,000.
Nevertheless, United States Average Hourly Earnings fell short of the 0.4% projections, with new data of 0.3%. Highly important Unemployment Rate data from United States beat analyst expectations of 3.5 with a reading of 3.7.
Trend-focused traders would be interested to note that Crude Oil made an initial breakout above its 21 day Simple Moving Average at $71.67, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that US crude oil's upper Bollinger Band® is at $74.39, this is a slight indication of a slowdown. Support/Resistance levels obtained from chart analysis indicate that WTI crude is 88 cents away from testing key resistance at $72.75. Peaking above this level could inspire market bulls and open the path to further gains.
Notwithstanding WTI crude oil's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in West Texas crude's price coincides with other Energy as Brent Crude Oil is trading around $76.22 after ending yesterday's session at $74.28 (up 2.61% today). Notably, Heating Oil rose 2.06% yesterday and closed at $2.31.
Other Energy showed mixed performance as Natural Gas moves 0.88% yesterday and closed at $2.16.
3 days ago, US crude oil fell to a low of $68.06 but has since recovered 3%.
