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.



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
Please try again
More View more
Real Time News
  • Canadian Dollar Price Forecast: USD/CAD Snaps Back to Key Support $USDCAD
  • RT @BrendanFaganFx: 77 counterparties take $1.352 trillion at Fed's fixed-rate reverse repo $USD $DXY
  • EUR/USD attempts to halt a five day decline as the Federal Reserve sticks to the sidelines. Get your market update from @DavidJSong here:
  • US Markit Composite PMI for September fell to 54.5 from 55.4, whereby the services and manufacturing figures fell to 54.4 and 60.5 respectively, both missing analyst estimates. Get your market update from @JMcQueenFX here:
  • S&P 500, Nasdaq Rally After the Fed; 10 Year Yield to Two-Month-Highs
  • #Bitcoin Outlook: $BTCUSD Bounce From 40K, Fake-out or Shake-out? -
  • While JPY gets clobbered, CHF decides to turn a blind eye to yields $CHF
  • The surprise 100 basis point cut from the Turkish central bank (to 18%) generated the expected pressure for $USDTRY. That said, I don't think it was the market that decided the momentum should die out at 8.8000 again...
  • surprised that $NQ is holding up so well with what rates are doing. 10 year yield at a 2 month high, $Nasdaq still holding resistance at prior support
  • The S&P 500 has recovered all the ground it lost at the start of the week and the Dollar has slumped post FOMC and PMIs. DailyFX's @JohnKicklighter gives a brief overview of the market for Thursday!
Crude Oil Prices Drop as OPEC Deal Cheer Dissipates

Crude Oil Prices Drop as OPEC Deal Cheer Dissipates

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices drop as OPEC-linked optimism dissipates
  • Gold prices flat-line amid lull in news driving Fed outlook
  • Corrective flows may dominate key commodities near-term

Crude oil prices continued to fall for a third day despite a larger-than-expected drawdown reported by the official EIA set of weekly inventory figures. Stockpiles shrank by 2.4 million barrels, a larger decline than the 1.4 million drop projected by economists and the 2.2 million decline foreshadowed by a private-sector estimate from API.

Absent a discrete catalyst, the move may reflect profit-taking on recent gains as elation following a last-minute OPEC supply cut deal dissipates. The breadth of non-OPEC participation remains unknown before a meeting of cartel members and other key producers this weekend. Meanwhile, an expected pickup in US output threatens to offset output restriction elsewhere.

Meanwhile, a lull in news-flow shaping Fed monetary policy bets has left gold prices mired in a narrow consolidation range. Fresh fodder will probably prove scarce before next week’s FOMC meeting. In the interim, traders may begin to worry that the Fed’s rates forecast will be more timid than that already priced in by markets, fueling a corrective bounce. Tightening expectations swelled after the US presidential election.

See the schedule of upcoming webinars and join us LIVE to follow the financial markets!

GOLD TECHNICAL ANALYSISGold prices are still range-bound but positive RSI divergence hints a correction higher may be in the cards. A daily close above the 14.6% Fibonacci retracementat 1183.28 targets the 23.6% level at 1199.50. Alternatively, a move below the 23.6% Fib expansion at 1158.15 exposes the 38.2% barrier at 1133.83.

Crude Oil Prices Drop as OPEC Deal Cheer Dissipates

CRUDE OIL TECHNICAL ANALYSISCrude oil prices turned lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. From here, a daily close below the 38.2% Fibonacci retracement at 48.49 targets the 50% level at 47.28. Alternatively, a reversal above the 23.6% Fib at 49.98 exposes the 14.6% retracement at 50.90.

Crude Oil Prices Drop as OPEC Deal Cheer Dissipates

--- Written by Ilya Spivak, Currency Strategist for

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.