US crude oil
On April 23, US crude oil June futures rose 0.4% and settled at $68.64 per barrel—the highest closing level for US crude oil active futures in more than three years. On the same day, the US Dollar Index rose 0.7%.
Energy stocks and energy ETFs
Will the bullish momentum continue?
On April 23, Iran indicated that it might not support the possible extension of the production cut deal into 2019. On June 22, OPEC members will meet to decide the future course of on-going production cuts.
If the deal isn’t extended into 2019, rising US crude oil supply could hamper US crude oil prices.
This week, US crude oil inventory data could be the next important factor for oil’s bullish momentum. In Part 3, we’ll discuss US crude inventory levels.
On April 23, US crude oil active futures were 4.8%, 8.5%, 10.5%, and 22% above their 20, 50, 100, and 200-day moving averages, respectively. US crude oil active futures trading above all of these moving averages across various timeframes is a bullish signal for prices.