Oil prices were little changed in Asian trade on Friday but were on track for a fourth straight week of gains and holding near their highest levels since late April on hopes of strong summer fuel demand and some supply concerns.
Crude oil's rally sustains momentum as it tests key resistance at $84.64, with potential bullish breakout targeting $89 eventually.
The crude oil market was positive during the Independence Day holiday, as we see plenty of people out there looking to play the cycle of summer being positive.
Oil prices fell in early trade on Thursday after U.S. employment and business activity data came in weaker than expected, in signs the economy may be cooling in the world's top oil consuming nation.
Gasoline inventories decreased by 2.2 million barrels from the previous week.
Gasoline prices are averaging $3.51 per gallon ahead of the Fourth of July, up about 2 cents from last week.
Oil futures were trading near unchanged early Wednesday after giving back earlier gains sparked by industry data showing a large drop in U.S. crude inventories.
Shrinking U.S. inventories, geopolitical risks, and anticipated strong summer demand create a supportive environment for crude oil prices.
Natural gas prices dropped to $2.442, down 0.81%, raising questions about a potential bullish reversal amidst inventory drawdowns and Middle East tensions
Oil prices edged higher in early Asian trade on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, boosting hopes of solid fuel demand during the summer driving season in the top oil consuming nation.
Crude oil's rally to 84.64 reversed at key resistance, forming a bearish shooting star pattern and indicating a likely pullback before another breakout attempt.
Crude oil outlook turns bullish, driven by OPEC+ cuts, summer demand surge, and Middle East tensions. China's recovery crucial for sustained rally.