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
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
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
Crude Oil Prices Under Fire, US Retail and Consumer Trends Data Eyed

Crude Oil Prices Under Fire, US Retail and Consumer Trends Data Eyed

Ilya Spivak, Head Strategist, APAC


  • WTI crude oil prices set for the biggest weekly drop in four months
  • Delta variant spread, OPEC+ deadlock putting pressure on prices
  • US retail sales, consumer confidence reports now in the spotlight

Crude oil prices saw heavy selling pressure this week, with the WTI contact on pace for the biggest five-day drop since mid-March. Worries about slowing global growth and the follow-on headwinds for energy prices linked to the spread of the notorious Delta variant of the Covid-19 virus have been compounded by a lingering standoff over output levels between Saudi Arabia and the UAE.

The two powerhouse producers are struggling to agree on the appropriate size of a production increase for the OPEC+ group of top exporters, a forum that includes the OPEC cartel itself as well as like-minded external members (notably Russia). Traders are seemingly starting to worry that continued disagreement may see the consortium fracture, bringing on an output free-for-all that floods the market and sinks prices.


Looking ahead, the spotlight turns to US retail sales data as well as the University of Michigan consumer confidence survey. Receipts are seen falling 0.4 percent in June while sentiment strengthens for a second consecutive month in the July report. Leading PMI survey data suggests retail activity slowed somewhat last month, though overall growth rates remained blistering.

The impact of reflation will be closely eyed. Labor shortages have driven realized and expected wage costs upward, which may be a boon for consumption in the near term. Pent-up demand coming online amid reopening from Covid-linked lockdowns is another tailwind. However, soaring prices may likewise undercut purchasing power, souring consumers’ outlook and crimping spending growth.

On balance, the appearance of resilience in the most important sector of the world’s largest economy may buoy the outlook for oil demand and nudge prices higher. Alternatively, sellers may have the upper hand if the data suggests that consumers’ exuberance is waning as growth rates start to normalize following the outsized surge from Covid-induced lows and cost burdens swell.


Prices are testing swing-low support at 70.76 after a bearish Evening Star candlestick pattern seemingly marked a top below the $77/bbl figure. A breakdown confirmed on a daily closing basis may set the stage for a retest of the 66.76-67.98 area. Immediate resistance lines up in the 75.52-76.98 region, with a close above the latter seemingly a prerequisite for neutralizing near-term selling pressure.

Crude Oil Prices Under Fire, US Retail and Consumer Trends Data Eyed

Crude oil price chart created using TradingView


--- Written by Ilya Spivak, Head Strategist, APAC for DailyFX

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.