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.

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
EUR/USD
Bullish
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
Oil - US Crude
Bullish
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
Wall Street
Bullish
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The US Dollar may extend gains against the Thai Baht. But, its price action within USD/SGD, USD/PHP and USD/IDR seem to be favoring more range-bound trading conditions. Get your market update from @ddubrovskyFX here:https://t.co/DYCLXAFcCr https://t.co/HSQSmci2Fb
  • The Turkish central bank is on tap tomorrow. You may recall that President Erdogan removed Governor Naci Agbal about a month ago. The benchmark rate is at 19% heading in... https://t.co/GFyKzB3DfF
  • Heads Up:🇺🇸 Fed Kaplan Speech due at 22:05 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-04-14
  • US CDC meeting on Johnson & Johnson shot finishes without a vote, more data needed - BBG
  • NZD/USD attempts to negate a head-and-shoulders formation after defending the March low (0.6943). Get your $NZDUSD market update from @DavidJSong here:https://t.co/QLYcoTUdCG https://t.co/y5wpl479Av
  • #Bitcoin retreats from all-time highs, down 1.5% on the day #BTC $BTCUSD https://t.co/XUZZmTrhgs
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 1.22% 🇦🇺AUD: 1.08% 🇪🇺EUR: 0.26% 🇨🇦CAD: 0.12% 🇯🇵JPY: 0.11% 🇨🇭CHF: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GPRmF1Oi8Z
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 0.35% Gold: -0.48% Oil - US Crude: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gLcl04vcok
  • Fed's Clarida: Before deciding on raising interest rates, we plan to taper
  • Fed's Clarida: - Cryptocurrencies are not seen as a store of value - SEP estimates and the Chair's press conference will reveal whether the economy has advanced well enough to warrant a review of asset purchases
Crude Oil Weekly Forecast - Oil Price Supported by OPEC Demand Forecasts and Easing Production Cuts

Crude Oil Weekly Forecast - Oil Price Supported by OPEC Demand Forecasts and Easing Production Cuts

Nick Cawley, Strategist
Oil price chart

Source: IG Charts

Crude Oil Price, Chart and Outlook.

  • OPEC+ to reduce supply cuts by 2 million bpd from August
  • Oil demand continues to recover.
Oil Forecast
Oil Forecast
Recommended by Nick Cawley
Download our Brand New Q3 Oil Forecast
Get My Guide

Oil Demand Projected to Recover Strongly

The supply/demand mis-match in the oil market seen earlier this year causing prices to plunge is changing, according to the July OPEC report, suggesting higher prices on the horizon. The report says that global oil demand in 2021 will recover strongly registering historical high growth of 7 million bpd although demand will remain below pre-COVID-19 levels. While positive, the report notes that the outlook for 2021 ‘remains dependent on considerable uncertainties, both to the upside and the downside’.

OPEC+ will also rein in production cuts from August by 2 million bpd to 7.7 million until December as global economic activity slowly picks up. Fears remain however of a second wave of COVID-19, highlighted recently by new lockdowns in some US states, which would crimp economic activity and stall the nascent recovery. A combination of greater demand and reduced production cuts will underpin the price of oil, at the very least, and barring any second COVID-19 wave, higher prices look likely further ahead.

The daily Brent chart shows the recent rally in oil has slowed in recent weeks with gap off the bottom of the March 6 candle yet to be filled. To the upside, 50% Fib retracement at $45.03/bbl. followed by the gap at $45.23 and the 200-dma at $45.95/bbl. will be a tough cluster to break especially with oil volatility at multi-month lows. Any sell-off looks likely to be short-lived and contained however and the path of least resistance for oil is set to be a slow grind higher.

Brent Crude Oil Daily Price Chart (January – July 17, 2020)

Brent Crude Oil Daily Price Chart
Oil - US Crude Bullish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -16% 28% 0%
Weekly -29% 51% -5%
What does it mean for price action?
Get My Guide

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