Crude oil futures are settling at $63.67. That is up $1.72 or 2.78%. The price is up for the fifth day in six trading days and four days in a row. Since closing at $57.15 on May 5, the price has moved up 11.38%.The close today was the highest since April 17 when the price closed at $63.68.
The next key target comes against the 50% midpoint of the range since the April 2020 low. That level comes in at $64.71. The high intraday price from April 23 reached $61.55 – just short of that midpoint level. Swing lows going back to December 2021 stalled near that area (see yellow area on the chart below).
Fundamentally, the rally is fueled by easing trade tensions, a recent U.S.–UK deal, and expectations for stronger demand heading into the U.S. driving season. However, gains are being capped by rising global supply, with OPEC+ accelerating the return of 2.2 million bpd in cuts and the EIA forecasting significant inventory builds throughout the rest of the year.
ForexLive.com
is evolving into
investingLive.com, a new destination for intelligent market updates and smarter
decision-making for investors and traders alike.
