FXstreet.com (Barcelona) - Crude Oil for August delivery remained on a solid footing above $76.00 / barrel, after investors offset downbeat US data with hopes of demand growth from the far-east, resulting in a hiatus of no rises as the neutral 76.00 level holds steady thus far. Last week, oil prices were buoyed on larger-than-expected falls in US stockpiles, surmising a progress towards a higher global demand this summer. On the flip side, oil quotes were hindered from trading higher on lack of sufficient impetus, as large sums of funds remain sidelined waiting for further cues. On Monday, the oil price traded 0.01% lower than previous close at 76.00 area. The fluctuations are showing a consolidation spell ranging from $75.82 (intra-day low) to 76.37 (intra-day high). “We are expecting oil to stay in last Fri-day’s range" said the Amplify Trading Team. They added that "crude oil has been stuck in a $70-to-$80 range in the last few weeks and we may need to wait for stronger signals in order to see a break-out. Oil has tested and failed to break above the 200-day moving average on Wednesday, which stands at $77.48 and it may point to the 50-day moving average of $74.33”.

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