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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
GBP/USD
Mixed
Low
High
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
  • Heads Up:🇮🇩 Inflation Rate YoY (JUL) due at 04:00 GMT (15min) Expected: 1.45% Previous: 1.33% https://www.dailyfx.com/economic-calendar#2021-08-02
  • (ASEAN Fundy) US Dollar Outlook: SGD, THB, IDR, PHP May Benefit on Slowing Covid Growth, Soft NFPs #USD #ASEAN $USDSGD $USDTHB $USDIDR $USDPHP https://www.dailyfx.com/forex/fundamental/article/special_report/2021/08/02/US-Dollar-Outlook-SGD-THB-IDR-PHP-May-Benefit-on-Slowing-Covid-Growth-Soft-NFPs.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/e5WczRhUl6
  • 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: https://t.co/9S5tXIs3SX https://t.co/efGjwnJaKm
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.12% Silver: -0.30% Oil - US Crude: -1.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/b9pJgSOH8O
  • RT @Yeap_IG: #IGMorningthoughts: - 89% of #SP500 companies outperformed earnings thus far, but only 0.2% gain in SP500 since start of earni…
  • Gold prices risk forming a "Double Top" pattern - #GOLD chart https://t.co/pxGxpBTGPA
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.10% 🇨🇦CAD: -0.14% 🇦🇺AUD: -0.17% 🇳🇿NZD: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/W36DdxonII
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.87%, while traders in Wall Street are at opposite extremes with 74.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RKCkZLF5Pw
  • Keppel Corp is seeking to buy Singapore Press Holdings (SPH) for S$2.2 billion following the spin-off of its media assets, and plans to delist and privatize the company - BBG
  • S&P 500 Futures Lift Nikkei 225, Regulatory Risks Hit Chinese Stocks https://www.dailyfx.com/forex/market_alert/2021/08/02/SP-500-Futures-Lift-Nikkei-225-Regulatory-Risks-Hit-Chinese-Stocks.html https://t.co/bBmLaL5aHB
Crude Oil Weekly Forecast: Deal or No Deal - Oil Prices Continue to Slump

Crude Oil Weekly Forecast: Deal or No Deal - Oil Prices Continue to Slump

Nick Cawley, Strategist
Crude Oil Price Chart

Crude Oil Week Ahead Forecast: Neutral

  • OPEC proposal of 1.5 million barrels per day production cut fails to materialize
  • Russia are currently refusing to back any further output cuts.

Crude Oil Roiled by Coronavirus Epidemic

A game of brinkmanship between OPEC and Russia over new output cuts failed to materialize today. OPEC had proposed cutting oil production by 1.5 million barrels per day until the end of the year, yet Russia refused to back the cuts, instead pushing for an extension of the current level of production. OPEC’s proposal needs to have the backing on non-OPEC producers, including Russia. The breakdown in talks lead to oil declining over 10 percent Friday, the largest drop since 2014.

The continued spread of coronavirus is hammering demand for oil and this is unlikely to change in the months ahead. Chinese data showed economic activity slumped in January as businesses and factories shuttered and the economic malaise is spreading with global supply chains creaking and breaking, dragging economies across the world close to, or into, recession. A raft of central banks have either cut interest rates in the past week or are considering cuts before or at their next policy meetings in an effort to boost growth, but financial markets are ignoring this continued liquidity flush and continue to spiral lower.

Brent crude settled down today at $45.27/bb. Its lowest level since November 2016. Horizontal support at $50.25/bbl. on the weekly chart was broken with ease, opening the way for a potential test of $44.05/bbl.

Crude Oil Weekly Price Chart (January 2016 - March 6, 2020)

Crude Oil Weekly Chart

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Crude Oil – bullish or bearish?? You can let us know via the form at the end of this piece or via Twitter @nickcawley1.

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

DISCLOSURES