Are oil prices at a new entry level for crude futures investing?

Oil Prices latest: Crude oil continued to rebound yesterday as bargain hunters decided to come back into energy complex. Morning trade in oil futures has seen prices move in a sideways direction but is it time for investors to get back into crude futures investing?

Crude oil is experiencing similar market pressures to that influencing gold prices at the moment.

Crude oil futures in Asia traded sideways Tuesday, buoyed by stronger Asian equity markets and a weakening U.S. dollar, but gains were limited as traders remained wary about the global overhang of oil stockpiles.

Oil prices have been volatile within the $65-$75 a barrel range due to conflicting signals, according to Mark Pervan, head of commodity research at ANZ in Melbourne.

Crude continued to rebound yesterday as bargain hunters decided to come back into energy complex.

However, the price action was capped given that a rally in the equity market found itself at odds with a newly discovered strength in the US dollar.

Technically crude prices are now some way below the moving averages although its next direction is likely to remain a function of developments in the currency / stock market.

Consumer confidence data to be released later on in the US may provide useful hints which could also offer guidance for crude oil investors.