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
More View more
Real Time News
  • (ASEAN Fundy) US Dollar Forecast: Turning Point Reached? USD/SGD, USD/THB, USD/IDR, USD/PHP #USD $USDGSD $USDTHB $USDIDR $USDPHP
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here:
  • RT @mkraju: Manchin signaling he’s open to $1.75T for social safety net bill, per source briefed on matter, but it’s unclear where the pric…
  • Further your forex knowledge and gain insights from our expert analysts @JohnKicklighter and @JStanleyFX on $USD with our free Q4 market analysis guide, available for free today. #DailyFXGuides
  • RT @JournalistRoss: From CNN's @mkraju: The goal among Democratic leaders is to have a vote Wednesday or Thursday on the infrastructure pac…
  • *Reminder: Weekly Strategy Webinar tomorrow at 8:30am ET on @DailyFX !!
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • Wow Liverpool...
  • With the $SPX, Bitcoin and Fed 2022 rate forecasts pushing record highs; the heavy economic docket for the coming week will make for some loaded trading potential. The events and markets I'm looking at ahead:
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
Oil Price Rally to Persist amid Tepid Recovery in US Crude Output

Oil Price Rally to Persist amid Tepid Recovery in US Crude Output

David Song, Strategist
Please add a description for the image.

Oil Price Talking Points

The price of oil clears the $80 handle as the Organization of Petroleum Exporting Countries (OPEC) remain reluctant to push production towards pre-pandemic levels, and current market may keep crude prices afloat amid the tepid recovery in US output.

{{GUIDE|Oil|Download the DailyFX Forecast for Oil}}

Fundamental Forecast for Oil Price: Bullish

The price of oil trades at its highest level since 2014 as OPEC stays on track to “adjust upward the monthly overall production by 0.4 mb/d for the month of November 2021,” and crude may stage a larger rally over the coming days as the US struggles to recover from the disruptions caused by Hurricane Ida.

Oil Price Rally to Persist amid Tepid Recovery in US Crude Output

Fresh figures from the US Energy Information Administration (EIA) shows weekly field production increasing for the fourth consecutive week, with output climbing to 11,300K from 11,100K in the week ending. However, the US remains far from the conditions seen prior to COVID-19 as production reached a record high of 13,100K in March 2020.

As a result, the price of oil may continue to trade to fresh yearly highs ahead of the next OPEC and non-OPEC Ministerial Meeting on November 4, and signs of limited supply may keep the price of oil afloat as the most recent Monthly Oil Market Report (MOMR) emphasizes that“in 2022, oil demand is expected to robustly grow by around 4.2 mb/d, some 0.9 mb/d higher compared to last month’s assessment.

With that said, current market conditions may keep crude prices afloat as expectations for stronger demand are met with limited supply, and the price of oil may continue to exhibit a bullish behavior over the coming days as it stages a seven week rally.

--- Written by David Song, Currency Strategist

Follow me on Twitter at @DavidJSong

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