Crude oil futures trading over $60

Crude oil futures prices have already broken through the $60 level. For today, it's just a small movement within range as there is no significant news in the market.

Look to the 200-day moving average -- currently at $63.30 -- as the next resistance level for U.S. crude over the next two weeks.

Crude oil data from Japan was more bullish, showing gasoline inventories fell to their lowest since September 2007 and kerosene stocks declined to a near three-year low in part due to strong sales.

"The move from $50 to $60 is quite abrupt. I don't think oil prices can go much higher at this point ... I think a lot of oil's rise has been driven by speculation that the worst is over, but is the real demand there yet?" said Michelle Kwek, an analyst at Informa Global Markets in Singapore.

Oil futures traders will also look out for inventory data from the U.S. Energy Information Administration (EIA) due later in the day as the country heads into the vacation season.