Oil has updated its annual maximum on February 18. Despite President’s day in the United States and the closure of exchanges, crude oil futures reached $66.8 per barrel. Now, the price is fluctuating in the area of $66.0-66.5, and there are no serious attempts to push it lower. If bulls get over the current zone, the next resistance level will be in the $67.5-68.5 zone.
The uptrend from $65 to the current levels began on Friday. At the end of the previous week, the heads of China and the United States announced progress in trade talks between countries. Trade optimism boosted markets, including the oil one. Most likely, the parties will agree to the introduction of US tariffs on $200 billion worth of Chinese goods.
Tension was added by the information about the suspension of work in a number of areas of the world's largest oil field Safaniyah in Saudi Arabia. Due to power problems, the field will not operate until March.
Let's see what the first trading day of the US stock exchanges will bring us this week. The bulls look very confident, however, oil has been growing without corrections for more than a week.