Crude Oil Prices Trade Into Resistance Following NFP Report

Crude oil prices added about 34 cents per barrel following the news that the US economy is doing much better than projected. The US Non-farm payroll report (NFP), showed that the labor market added 128,000 new jobs vs. the 89,000 expected, and the prior reading was revised to 180K from 136K prior. Even without the revision, the report beat expectations, making today’s NFP report supportive of further crude oil price gains in the months ahead.

As for crude oil prices, they are still capped by a very short-term downtrend, and prices would need to trade above Thursday’s high of $55.58 to be able to reclaim the October high of $56.90.

Looking beyond the near-term price action, the trend remains upwards above the October 21 low at $52.70, and I think traders will add to their bullish exposure if the price was to revisit yesterday’s low of $53.80.

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