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Crude Bulls Eye the $75 Mark

By Jim Wyckoff

 About this article:
 September crude oil futures on the New York Mercantile Exchange on Friday notched a fresh five-week high nearing $73 a barrel, following a bullishly construed U.S. jobs report that showed a lower-than-expected decline in nonfarm payrolls in July. The jobs report also boosted the U.S. stock market; the crude oil futures market has been closely tracking the major indices and will likely continue to do so. U.S. nonfarm payroll employment fell by 247,000 jobs in July. A survey compiled by Dow Jones Newswires had forecast a drop of 275,000 in July, compared with a drop of 467,000 in June. The crude oil market has been trending higher since February, when September futures prices hit a low of $44.28 a barrel. The next upside technical price objective for the empowered crude oil bulls is to push nearby futures prices above strong technical and psychological resistance at the...

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