Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
Crude Oil Set to Consolidate After Sharp Run-Up

Crude Oil Set to Consolidate After Sharp Run-Up

Nick Cawley, Senior Strategist
Please add a description for the image.

Fundamental Forecast for Oil: Neutral

  • Inventory data supports US crude oil but market nears a congested area.
  • Further US intervention in Syria may limit any downside, while the monthly OPEC report mid-week may provide more market colour.
  • See the DailyFX Economic Calendar and see what live coverage for key risk event impacting FX markets is scheduled for next week on the DailyFX Webinar Calendar.

US crude oil continues its push higher, hitting a one-month high, as traders fear that supply may be affected after the recent US air strikes on Syria. But further upside may prove tricky as crude enters a congested trading zone between $52 and $55 a barrel.

The upwards channel in crude remains intact as long as crude closes above $51.20/brl Friday. On the upside, bulls will be looking at the March 7 high of $54.08/brl.

Chart: US Crude Oil Daily Timeframe (December 13, 2016 – April 7, 2017)

Chart by IG

The oil market also faces a couple of important data releases next week which could push the market if tensions in Syria ease. The monthly OPEC report is released on Wednesday April 12, providing traders with a detailed analysis of key developments in world oil demand, supply and the closely watched oil market balance. The US EIA crude oil inventories are also released on Wednesday, ahead of the IEA oil market report on Thursday and the Baker Hughes oil rig count on Friday April 14.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at Nicholas.cawley@ig.com

Don't trade FX but want to learn more? Read the DailyFX Trading Guides

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES