Jul. 04, 2025 2:35 PM ETCrude Oil Futures (CL1:COM)DBE, JJETF, USO, DBO, USL, BNO, OILK, USOI, OLOXF, UCO, CL1:COMDean Popplewell3.62K FollowersSummaryFrom a price action perspective, crude has been consolidating in a narrow $2 range, showing signs it may be gearing up for a bullish breakout.US Oil prices are contained between its 50 and 200 Day moving averages and has been consolidating since the end of the Middle East Tensions led to a significant correction.Momentum is still very calm, confirmed with the RSI on both the 4H and Daily timeframes hanging around neutral.imaginimaBy Elior ManierThe NA session kicks off quietly, with subdued volumes as American traders take the day off, giving markets a breather after yesterday’s upside surprise in the Non-Farm Payrolls and fresh diplomatic updates from the US –This article was written byDean Popplewell3.62K FollowersDean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.CommentsRecommended For You