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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
More View more
Real Time News
  • Canadian #Dollar Outlook: $USDCAD Five Weeks Down, Five Month Low - https://t.co/O1op1wYcdT https://t.co/GaYTjFmjtc
  • White House Economic Advisor Larry Kudlow: -Data suggests economy only needs 'targeted money' -Thinks economy is entering a 'self-sustaining recovery' -Trump 'completely opposes' bailing out states $USD $TNX $SPX
  • FTSE 100 IG Client Sentiment: Our data shows traders are now net-short FTSE 100 for the first time since Jul 20, 2020 when FTSE 100 traded near 6,264.90. A contrarian view of crowd sentiment points to FTSE 100 strength. https://www.dailyfx.com/sentiment https://t.co/iX4wB4HOah
  • Fed's Rosengren says the #Fed has been clear that negative interest rates are unlikely to be used
  • Back from vacation and back on schedule Going live for today's stock market webinar in 10 minutes - https://t.co/rmwDABTiN2 https://t.co/oC3Igu2muT
  • I've seen three more headlines today suggesting that there is significant money still on the sidelined despite the climb in markets. Is the assumption that some small tech milestone or new headline would excite investors to pay record amounts to get into a stretched market?
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.57% 🇪🇺EUR: 0.41% 🇨🇦CAD: 0.40% 🇳🇿NZD: 0.14% 🇬🇧GBP: -0.16% 🇯🇵JPY: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3mZjwCXcwc
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 2.39% France 40: 1.37% US 500: 1.29% Germany 30: 1.14% Wall Street: 0.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/3rljxp4YdZ
  • Heads Up:🇺🇸 Fed Kaplan Speech due at 15:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-08-12
Crude Oil Prices Weigh Conflicting Cues Before OPEC Meeting

Crude Oil Prices Weigh Conflicting Cues Before OPEC Meeting

2016-08-24 02:18:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices torn in opposite directions by Iran, Iraq news-flow
  • Gold prices hold range despite hawkish Fed rate hike outlook shift
  • API data hints EIA inventory print may disappoint, punishing WTI

Crude oil prices oscillated in a wide range, torn between conflicting news-flow. On the upside, a Reuters report claimed that Iran may be amenable to a possible deal to boost prices at an informal OPEC meeting next month. On the downside, Iraq stoked fears that it would scuttle any such accord. Iraqi Oil Minister Jabbar al-Luaibi said “increasing oil production…will not be compromised” while Prime Minister Haider al-Abadi told reporters his country is not producing as much as it should be.

Looking ahead, weekly EIA crude oil inventory data is on tap. Consensus forecasts project a 495k barrel decline. However, a private-sector estimate from API suggested stockpiles rose by 4.46 million barrels last week. If this proves to foreshadow an unexpected build in the official report, the WTI contract may face renewed selling pressure.

Gold prices continued to tread water as traders waited for a much-anticipated speech from Fed Chair Janet Yellen before committing to a directional bias. The markets appear to be positioned for a relatively hawkish outcome, with the priced-in probability of a rate hike at the December policy meeting (as implied in Fed Funds futures) rising to 53.9 percent versus 51 percent last week and 45.1 percent a month ago. The metal appears reluctant to make meaningful direction progress absent confirmation however.

Are traders buying or selling gold? Find out here!

GOLD TECHNICAL ANALYSISGold prices are marking time in familiar territory. A daily close below the August 8 low at 1329.79 exposes the 38.2% Fibonacci retracementat 1308.00. Alternatively, a push above the 1367.15-77.74 area (double top, 38.2% Fib expansion) targets the 50% threshold at 1398.45.

Crude Oil Prices Weigh Conflicting Cues Before OPEC Meeting

CRUDE OIL TECHNICAL ANALYSISCrude oil prices stalled having dropped to the lowest level in over a month. Still, the appearance of a bearish Evening Star candlestick pattern hints at potential topping. Near-term support is at 46.8, the 61.8% Fibonacci retracement, with a daily close below that targeting the 50% level at 45.41. Alternatively, a reversal above the 76.4% Fib at 48.70 exposes the June 9 high at 54.61.

Crude Oil Prices Weigh Conflicting Cues Before OPEC Meeting

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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


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.