First Silver Network, May 9th, the latest trend of international crude oil prices: Looking back on the trend of last Friday, international crude oil closed up US$0.34, or 0.77%, at US$44.66/barrel last Friday (May 6). Oil prices have fluctuated slightly since the opening and dropped to a daily low of $43.54/barrel. However, after the release of the non-farm payrolls report, oil prices quickly rose to an intraday high of $45.34/barrel. It fell slightly before the close. However, oil prices still closed down 2.7% last week, ending the fourth consecutive week of gains.
Crude oil futures rose on Friday, helped by ongoing fires in Canada's oil-rich region, armed attacks on offshore oil facilities operated by Chevron Corp in southern Nigeria and a continued decline in the number of U.S. oil rigs. The above three factors that are bullish for oil prices offset the impact of the disappointing April employment report in the United States.
According to data from the U.S. Department of Labor, the number of new jobs in the United States in April was only 160,000, which was significantly lower than market expectations of 200,000. The weak jobs report hinted that demand for crude oil in the United States, the world's largest energy consumer, will become tepid.
The dollar weakened during the session, providing some additional support for crude oil's rise. Market participants viewed Friday's employment report as one of the reasons why the Federal Reserve may maintain ultra-low interest rates at its June interest rate meeting. This would reduce the cost for traders to buy crude oil priced in U.S. dollars.
Matt Smith, director of commodity research at ClipperData, a company that tracks global crude oil market dynamics, said that the U.S. dollar index fell for most of the day, providing some impetus for the rise in oil prices. Earlier, the U.S. government announced that non-farm employment growth in April was the lowest in seven months, raising doubts about whether the Federal Reserve will raise interest rates before the end of the year.
Looking at today’s international crude oil price chart on Monday (May 9), in the four-hour chart, the third rail of the Bollinger Bands began to diverge outwards. Oil prices opened at a high of $45 today, and went straight up after the opening. The market has formed a clear W shape from the chart, indicating that oil prices may continue to rise during the day. Judging from the macd indicator, a golden cross appears on the fast and slow lines, and the opening gradually becomes larger. The red kinetic energy continues to increase, and the bulls continue to strengthen. You can pay attention to the break of 46 or 47 above during the day. There may be a breakthrough market. Crude oil may usher in a clear bullish trend this week, and it is expected to reach $50.
The First Silver Network Market Center shows that as of 9:30 on Monday (May 9), the international crude oil price was quoted at 45.60 US dollars per barrel.
