Crude oil prices are still moving sideways – will they break higher?
Crude oil closed 0.83% higher on Thursday, continuing its consolidation below the $64 level. Prices remained within a relatively tight trading range after Monday’s advance. Today, the market is up another 0.5% as it once again approaches the $64 mark.
For oil markets specifically, these developments are worth monitoring:
- Oil prices are set for their first weekly gain in three weeks as U.S.-China trade talks resume, boosting hopes for stronger global demand.
- Geopolitical risks and summer demand support prices, but analysts warn that rising supply from OPEC+ and weaker long-term demand may limit further gains.
- Oil prices moved higher initially after a stronger-than-expected Nonfarm Payrolls increase of +139,000, signaling resilient U.S. labor market conditions and potentially stronger fuel demand.
Conclusion
Crude oil surged on Monday but has since lost momentum. Today, the market is trading just below the $64 level. The stronger-than-expected Nonfarm Payrolls report helped push prices higher, but overall price action remains range-bound.
Given the economic data and ongoing tariff developments, I think the market is likely to remain in consolidation in the near term.
For now, my short-term outlook is neutral.
Here’s the breakdown:
- Crude oil rallied after the OPEC+ meeting over the weekend but has been moving sideways since.
- Ongoing tariff-related volatility, combined with economic data, are adding to market uncertainty.
The full version of today’s analysis - today’s Oil Trading Alert - is bigger than what you read above, and it includes the current Crude Oil futures contract position. I encourage you to subscribe and read the details today (with a single-time 7-day free trial). Oil Trading Alerts are also a part of our Diamond Package that includes Gold Trading Alerts and Stock Trading Alerts.
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Thank you.
Paul Rejczak,
Stock Trading Strategist
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