Oil prices continue to rise - is this the start of a new uptrend?
Crude oil rose 1.91% on Friday, breaking above previous highs as investors responded to better-than-expected U.S. jobs data, ongoing U.S.-China trade talks, and other factors. Today, prices are higher again, up 0.6%, with crude approaching the key technical level of $65.
For oil markets specifically, these developments are worth monitoring:
- Oil prices remain elevated on Monday as investors awaited U.S.-China trade talks in London, hoping a deal could boost global economic growth and oil demand.
- IG market analyst Tony Sycamore noted Monday’s trade talks may offset the impact of weaker Chinese economic data.
- Despite concerns about increased OPEC+ output next month, markets focused more on the positive sentiment from trade talks.
Conclusion
Crude oil surged on Friday, reaching its highest level since April and approaching the medium-term resistance zone around $65–66. The market is continuing its upward move today, supported by a broader equities rally and improving sentiment ahead of Wednesday’s U.S. inflation data release.
For now, my short-term outlook is neutral.
Here’s the breakdown:
- Crude oil prices advanced last week, hitting their highest levels since April.
- Ongoing tariff-related volatility, combined with economic data, are adding to market uncertainty.
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Thank you.
Paul Rejczak,
Stock Trading Strategist
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