Crude Oil Price Fluctuates Despite Stock Market Rally

Paul-Rejczak Paul Rejczak 12 h 15 min ago

Is crude oil forming a short-term bottom along $62 level?

Crude oil is down 1.0% today, further extending its consolidation despite the recent rally in the stock market. This decline follows a gain of 0.84% on Thursday, with the market continuing to move sideways.

For oil markets specifically, these developments are worth monitoring:

  • Mixed signals from China and the U.S. on tariff negotiations are creating uncertainty, with China's foreign ministry contradicting President Trump's claims about ongoing trade talks.
  • Several OPEC+ members have suggested accelerating oil output increases for June, adding supply concerns.
  • Markets remain highly sensitive to news, with oil trading largely following broader market sentiment.

 

Crude Oil Price Fluctuates Despite Stock Market Rally - Image 1

 

Conclusion

Crude oil continues to fluctuate and remains below the crucial medium-term $65-66 resistance level.

For now, my short-term outlook is neutral.

Here’s the breakdown:

  • Today's 1.0% decline extends the recent consolidation.
  • OPEC+ disagreements, U.S.-China trade tensions pose downside risks.
  • In my opinion, the short-term outlook is neutral.


As always, we’ll keep you, our subscribers, well-informed.

Thank you.

Paul Rejczak,
Stock Trading Strategist