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
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
  • (ASEAN Fundy) US Dollar Outlook: SGD, THB, IDR, PHP May Benefit on Slowing Covid Growth, Soft NFPs #USD #ASEAN $USDSGD $USDTHB $USDIDR $USDPHP
  • 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:
  • 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
  • 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
  • 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
  • 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:
  • 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
  • 🇰🇷 Markit Manufacturing PMI (JUL) Actual: 53 Previous: 53.9
Oil Remains Bid Following OPEC Meeting as US Shuns Iran Exports

Oil Remains Bid Following OPEC Meeting as US Shuns Iran Exports

David Song, Strategist

Oil Talking Points

Oil prices have spiked higher as senior officials at the U.S. State Department encourage ally countries to shun energy imports from Iran, and crude stands at risk of extending the advance from the previous week as it carves a fresh series of higher highs.

Image of daily change for major financial markets

Oil Remains Bid Following OPEC Meeting as US Shuns Iran Exports

Image of daily change for oil prices

Even though the Organization of the Petroleum Exporting Countries (OPEC) plans to boost production following its 174th meeting, the renewed sanctions on Iran is likely to hit global supply as the Trump administration wants all countries to wind down oil imports from the region by November 4.

Moreover, the unexpected shutdown at Syncrude Canada may keep crude afloat as the major producer is expected to be offline until the end of July, and growing uncertainties surrounding the world economy may fuel higher energy prices as lawmakers in Canada prepare to update their trade policies.

Image of US field production of crude oil

The developments should keep oil bid as it curbs the outlook for global supply, and it seems as though OPEC and its allies will take a gradual approach in restoring production as the group combats the ongoing rise in U.S. outputs. Keep in mind, U.S. field production of crude continues to hit record highs, with output climbing to 10,900K b/d in the week ending, but recent price action raises the risk for higher energy prices as oil breaks out of a narrow range.

Oil Daily Chart

Image of oil daily chart
  • The near-term breakout in oil prices keeps the topside targets on the radar, with a close above $70.40 (78.6% expansion) raising the risk for a move towards $71.30 (38.2% expansion).
  • Next region of interest comes in around $72.70 (50% expansion) to $72.80 (100% expansion), which lines up with the 2018-high ($72.88), with the next area of interest coming in around $74.00 (61.8% expansion).

For more in-depth analysis, check out the Q2 Forecast for Oil

Interested in having a broader discussion on current market themes? Sign up and join DailyFX Currency Analyst David Song LIVE for an opportunity to discuss potential trade setups!

Image of DailyFX economic calendar

Additional Trading Resources

Are you looking to improve your trading approach? Review the ‘Traits of a Successful Trader’ series on how to effectively use leverage along with other best practices that any trader can follow.

Want to know what other currency pairs the DailyFX team is watching? Download and review the Top Trading Opportunities for 2018.

--- Written by David Song, Currency Analyst

Follow me on Twitter at @DavidJSong.

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