Oil extends gains on the day as key resistance levels give way

Oil prices rebound as U.S. China trade tensions ease for now

Market Watch reports in its article Oil prices rebound as U.S., China trade tensions ease for now that the market saw a "nice relief rally...after U.S. officials backpedalled on a trade war with China over the weekend", said Colin Cieszynski, chief market strategist at SIA Wealth Management Inc.

Not all oil market indicators pointed to ongoing price rises, however.

Watch Manisha Gupta share insights into crude demand-supply, and what will drive prices.

John Kilduff, founding partner at energy hedge fund Again Capital, told CNBC U.S. crude prices could be heading to $70/Bbl after breaking through the previous 2018 high of $66.66/Bbl.

Although Syria itself is not a significant oil producer, the wider Middle East is the world's most important crude exporter and tension in the region tends to put oil markets on edge.

The latest Middle East-related political risk factor is related to events in Syria, where a military confrontation may be brewing with the U.S. on the one side and Russia, Syria and Iran on the other. "But we also had Saudi Arabia shooting down missiles last night", said George Wilkes, an analyst at Sucden in London.

United States crude production also rose to a fresh high of 10.53m barrels per day.

Wells Fargo & Company (NYSE:WFC): What Does The Future Look Like?
The ABR rank is displayed in the range of 1 to 5 where 1 indicates a Strong Buy and a rating of 5 represents a Strong Sell. Company's EPS for the prior five-years is valued at 1.5%, leading it to an EPS value of 17.57% for the next five years.

Wet weather into the weekend; even cooler changes
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Russian Federation accuses United Kingdom of destroying Salisbury evidence
In the 2000s, Sedwill said Russian Federation had trained military personnel in using these weapons, including on door handles. Yulia Skripal , poisoned daughter of Russian ex-spy Sergei, has rejected assistance from the Russian embassy "at the moment".

Light, sweet crude for May delivery advanced 25 cents, or 0.4%, to $67.07 a barrel on the New York Mercantile Exchange, closing at the highest level since December 2014.

While global oil prices stabilised on Friday, they continue to pose worries for governments and consumers around the world, with fears that they could touch the $80 a barrel mark in about a year.

"Geopolitical risks outweighed an unexpected rise in inventories in the US", ANZ bank said on Thursday.

The Organization of the Petroleum Exporting Countries and 10 countries outside the oil cartel, including Russian Federation, have been holding back crude output by 1.8 million barrels a day since the start of a year ago.

The morning price spike was completely due to the Trump tweet, which left the market to figure out the President's meaning, according to Kilduff.

The current deal, under which OPEC and non-OPEC producers are cutting supply by about 1.8 million barrels per day, expires in March 2018.

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