WTI crude on a roll: jumps by $4.83 for the first time since November 2022

West Texas crude trades at $80.5 after it made its largest daily jump of $4.83 (6.38%) since November 2022.

United States ISM Manufacturing PMI (Mar) is next today at 14:00 UTC.

Support/Resistance levels obtained from chart analysis indicate that although Crude Oil is appreciating today after rising as high as $81.69, price action is now slowing and consolidating around $1.53 below the $82.03 resistance level. With regards to technical trend indicators, chart analysis show that investors are seeking long positions as US crude oil price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, WTI crude oil's upper Bollinger Band® is at $81.26, this is a slight indication of a slowdown.

Overall, the technical outlook suggests West Texas crude is likely to remain muted for the immediate future, with no clear-cut direction.

This rally in US crude oil's price coincides with other Energy as having closed the previous session at $2.62, Heating Oil is up 3.98% today to currently trade at around $2.73.

At the same time, Natural Gas closed at $2.07 (down 6.68%).

Other Energy are showing mixed performance as Brent Crude Oil trades close to $79.77, with no major change.

Also worthy of note, United States JOLTs Job Openings (Feb) scheduled to come out tomorrow at 14:00 UTC. United States ISM Manufacturing PMI (Mar) is scheduled for today at 14:00 UTC.

Having set a significant high of $122.09 9 months ago, WTI crude oil is trading 38.02% lower.