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.



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
Oil - US Crude
Wall Street
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
  • $EURUSD support test at the big fig 1.2000 made a bit less exciting by the incursion earlier in February, but interesting setup given Panetta remarks
  • ECB's Panetta: - Should not hesitate to increase purchases and to spend the entire PEPP envelope or more if needed - Eventually, commitment to steering the yield curve may allow us to slow purchases - Must establish that unwarranted tightening will not be tolerated #ECB $EUR
  • ECB's Panetta - The steepening in the nominal GDP-weighted yield curve we have been seeing "is unwelcome and must be resisted" #ECB $EUR
  • - The central bank should broadly identify what level of nominal yields it is aiming to achieve; tailor its purchases to achieve that level; and to be ready to intervene to the extent necessary #ECB $EUR
  • ECB's Panetta: - We need to anchor key financial variables like lending rates and the yield curve to support recovery and inflation #ECB $EUR
  • ECB's Panetta: - 2021 is still "a pandemic year" - Policy support will have to remain in place well beyond the end of the pandemic #ECB $EUR
  • 🇨🇦 GDP Growth Rate Annualized (Q4) Actual: 9.6% Expected: 7.5% Previous: 40.6%
  • 🇨🇦 GDP Growth Rate QoQ (Q4) Actual: 2.3% Previous: 8.9%
  • 🇨🇦 GDP MoM (DEC) Actual: 0.1% Expected: 0.3% Previous: 0.8%
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
Crude Oil Prices Slip as Lack of US-China Trade Detail Worries Investors

Crude Oil Prices Slip as Lack of US-China Trade Detail Worries Investors

David Cottle, Analyst

Crude Oil and Gold Talking Points:

  • Crude oil prices gave back some of their gains from last week
  • Their longer-term uptrend still looks vigorous
  • Gold benefitted a little from worries that trade-deal detail is lacking

Join our analysts for live, interactive coverage of all major economic data at the DailyFX Webinars. We’d love to have you along.

Crude oil prices retreated Monday from the near three-month highs seen last week. Markets continued to applaud the prospect of a phase one trade deal between China and the US while realizing that the still elusive phase two accord will be where the real action is. Lack of detail

Growth sensitive markets such as oil made gains last week on news of both the interim deal and the victory of the Conservative Party in the United Kingdom’s crucial general election. However, oil prices inched back down again as the magnitude of work still to do between the world’s two largest national economies became apparent, with agreement so far really amounting to little more than a formalized tariff truce.

There was better economic news out of China Monday, with both retail sales and industrial production beating market forecasts suggesting that, at very least, Beijing’s stimulus measures may be paying off. However, energy markets continued to slip as trade details continued to dominate sentiment.

US crude’s weekly chart shows the uptrend from late September still very much in process.

US Crude Oil Prices, Weekly Chart

However, the rally seems now to be capped by resistance from July 1’s highs at $61.12/barrel. This point bars the way to the year’s peaks in the $66 area. It’s notable, however that the downtrend line from October 2018’s five-year peaks has broken to the upside. Further gains look likely but, as the next couple of days are short of heavyweight economic numbers, trade headlines are likely to drive this market.

Gold prices gained some support as Asia-Pacific investors fretted the lack of trade-deal details to date. Haven assets had struggled last week as both the trade and Brexit stories revived risk appetite sharply.

Spot Gold Prices, Daily Chart

The daily chart uptrend from November’s lows remains very much in play although the longer-term downtrend line from this year’s September peak still looks like a cap on this market.

The rest of the global session offers a raft of closely-watched Purchasing Managers Index figures from Europe and the US. These may offer the markets some temporary directional clues.

Commodity Trading Resources

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

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