Oil prices continued to charge upwards on Monday morning, as heightened tensions in the Middle East looked to stick on traders' minds. Brent crude gained 1.3% to sit at US$80.05 a barrel on Monday morning, while West Texas Intermediate climbed 0.7% to US$77.29.
Oil prices were little changed in early Asian trading on Monday, holding on to most of last week's more than 3% gains, supported by geopolitical tensions and better economic data.
Crude oil on track for further gains with tightening supply and bullish economic indicators. Can upcoming CPI data push prices to new highs?
The crude oil market has been noisy this week, as the markets are trying to do everything, they can to stay in the same range that we have been in for most of the past two years.
The crude oil market has seen a bit of a bounce over the last few days, from a deep pullback. However, there are a lot of things that are pushing and pulling the markets back and forth.
The stock market rebound after Monday's sell-off and Middle East tensions have combined to lift oil prices this week. Israel is girding for retaliatory strikes by Iran and the Hezbollah militia in Lebanon.
Oil futures were on track Friday to snap a streak of four straight weekly declines, finding support as worries over the U.S. economic outlook eased and traders braced for potential retaliatory strikes by Iran and its proxies against Israel after the assassination of a top Hamas official in Tehran last week.
Oil prices gain 3% weekly on Middle East tensions and strong US jobs data. Technical breakout above 200-day MA signals bullish momentum.
Oil prices edged down in early Asian trading on Friday but were on track to gain more than 3% for the week as U.S. jobs data calmed demand concerns and fears of a widening Middle East conflict persisted.
Crude oil completes a 38.2% Fibonacci retracement at 76.99, signaling potential for a bullish breakout as it targets the top of a symmetrical triangle.
Precious metals rally as markets have calmed down after the recent panic.
The oil markets continue to see a lot of noisy behavior, as traders are trying to sort out whether or not they will remain content with lower prices. This is a market that I also believe will be looking at global economic growth, or the lack of.