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.

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
More View more
Real Time News
  • #GBP, #SEK and the #NOK are expected to be the most active G10 currencies vs USD with 1-week implied volatility at 9.35, 9.13 and 8.90, respectively
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/RgnsklZ2Gl
  • The Australian and New Zealand Dollars trimmed their gains as optimism on the US-China “phase one” trade deal faded. NZD/USD is at risk to turning lower on signs of technical indecision $AUDUSD $NZDUSD #tradewars - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2019/12/16/Australian-Dollar-and-New-Zealand-Dollar-Outlook-as-Week-Begins.html?CHID=9&QPID=917702 https://t.co/SmVBWwojc3
  • - The Singapore Dollar (SGD) presents a unique undertaking for traders - It is guided by the MAS, which manages the exchange rate instead of short-term rates - Learn the principals of developing an SGD fundamental forecast to trade USD/SGD https://www.dailyfx.com/forex/fundamental/article/special_report/2019/09/03/The-Singapore-Dollar-and-MAS-What-is-SGD-and-How-to-Trade-it.html
  • #DidYouKnow a #Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/c51s3IBcEu https://t.co/eWM70sTfq3
  • Natural Gas trading is popular among traders due to its volatility. How can you trade this? Find out here: https://t.co/GSzSS9fn7Z https://t.co/bl0lp9NtkQ
  • #EURUSD pivot points (daily) – S3: 1.0991, S2: 1.1065, S1: 1.1093, R1: 1.1167, R2: 1.1214, R3: 1.1288- https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Hello there, traders! Themes for this week's webinar: - US-China #tradewar - #HongKongProstests: Carrie Lam's visit to Beijing - #UKElections2019 recap + outlook - Government shutdown in 2020? - Update on #RCEP - CRUCIAL rate decision this week⬇️ https://www.dailyfx.com/webinars/146770987
  • With increasing volatility in weather patterns, how might storms, hurricanes, and floods rattle the supply chain for petroleum-based products and impact crude oil prices? Get your market update from @ZabelinDimitri here:https://t.co/O4dgBl47fq https://t.co/eMb7iCfdqS
  • Join analyst @DavidJSong at 5:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/1rVzPr6gx4
Crude Oil Prices Collapse as Russia, Saudi Arabia Hint at Output Boost

Crude Oil Prices Collapse as Russia, Saudi Arabia Hint at Output Boost

2018-05-28 03:00:00
Ilya Spivak, Sr. Currency Strategist


  • Crude oil prices sink as Saudi Arabia joins Russia call for output boost
  • Gold prices face selling pressure in risk-on and -off market conditions
  • Ebbing Italy worries boost sentiment but follow-through may be absent

Crude oil prices plunged on Friday as Saudi energy minister Khalid al-Falih endorsed prior comments from his Russian counterparts calling for self-imposed output curbs to be relaxed, perhaps as soon as June. Gold prices edged lower as oil’s plunge pulled down energy-linked stocks, contributing to broader risk aversion that fed haven demand for the US Dollar.

The oil selloff continues early Monday as Asia Pacific traders take their turn to price in Friday’s news. Meanwhile, gold faces renewed selling pressure as risk appetite improves, boosting bond yields and sapping the appeal of non-interest-bearing assets. Investors’ chipper mood follows news that Italian President Sergio Mattarella vetoed the nomination of eurosceptic Paolo Savona to the post of Economy Minister.


Looking ahead, a thin offering on the economic calendar hints that established momentum ought to find few roadblocks to near-term continuation. The closure of US markets for the Memorial Day holiday is likely to sap liquidity and may undermine scope for follow-through however. Furthermore, the highly fluid situation in Italy may yet amount to headline flow that pushes sentiment back into “risk-off” mode.

See our quarterly crude oil price forecast to learn what will drive the trend through mid-year!


Gold prices are pulling back from falling trend line resistance guiding the move lower since mid-April. From here, a daily close below the outer layer of trend support set from December 2016, now at 1289.69, exposes the 1260.80-66.44 area next. Alternatively, a break above 1310.70 – the upper layer of uptrend support, aims for a retest of the chart inflection point at 1323.60.

Gold price chart - daily


Crude oil prices accelerated lower after establishing a top below the $73/bbl figure, as expected. Sellers are now testing congestion area support in the 66.22-67.36 zone, with a break below that targeting a rising trend line 65.28. The first layer of major resistance is at 69.53, the April 19 high. That is broadly followed by the May 22 top at 72.88.

Crude oil price chart - daily


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

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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


News & Analysis at your fingertips.