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
  • 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:
  • 🇯🇵 Housing Starts YoY (JUN) Actual: 7.3% Expected: 7.2% Previous: 9.9%
  • Heads Up:🇯🇵 Housing Starts YoY (JUN) due at 05:00 GMT (15min) Expected: 7.2% Previous: 9.9%
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.51%, while traders in Wall Street are at opposite extremes with 76.17%. See the summary chart below and full details and charts on DailyFX:
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here:
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.03% 🇨🇦CAD: -0.03% 🇪🇺EUR: -0.07% 🇬🇧GBP: -0.09% 🇦🇺AUD: -0.09% 🇳🇿NZD: -0.14% View the performance of all markets via
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.31% FTSE 100: -0.51% Germany 30: -0.69% US 500: -0.75% France 40: -0.76% View the performance of all markets via
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • The Swiss Franc’s technical stance against the New Zealand Dollar and Japanese Yen has brightened, with the technical outlook in NZD/CHF and CHF/JPY primed to benefit CHF. Get your market update from @FxWestwater here:
Oil Price Forecast: Bullish Momentum Abates Ahead of OPEC Meeting

Oil Price Forecast: Bullish Momentum Abates Ahead of OPEC Meeting

David Song, Strategist

Oil Price Talking Points

Oil struggles to retain the advance from earlier this week even though U.S. Crude Inventories unexpectedly climb 3963K in the week ending May 3, and the price of oil stands at risk for a larger pullback as the bullish momentum abates.

Image of daily change for major financial markets

Oil Price Forecast: Bullish Momentum Abates Ahead of OPEC Meeting

Image of daily change for crude oil prices

Crude appears to be stuck in a narrow range as the Organization of the Petroleum Exporting Countries (OPEC) and its allies prepare for the Joint Ministerial Monitory Committee (JMMC) meeting on May 19, and it remains to be seen if the group will continue to regulate the energy market beyond the June deadline amid the weakening outlook for global growth.

The OPEC+ alliance has certainly helped to prop up crude throughout the first-quarter of 2019 as the group scales back on production, and the coordinate effort may get carried into the second-half of the year even though the most recent Monthly Oil Market Report (MOMR) warns of ‘slower-than-expected economic activity compared with the expectations of a month earlier.’

It seems as though the U.S. and China, the two largest consumers of crude, will continue to push for a trade deal as Vice Premier Liu He travels to Washington before the Trump administration boosts tariffs on Chinese goods, and the narrowing threat of a trade war may encourage OPEC and its allies to keep oil prices afloat throughout the remainder of the year.

Until then, recent price action warns of a larger pullback as crude comes up against channel support, and the bullish momentum may continue to abate over the coming days as the Relative Strength Index (RSI) falls back from overbought territory and snaps the upward trend carried over from late-2018.

CL1 Daily Chart

Image of oil daily chart
  • The advance from the 2018-low ($42.36) may continue to unravel as both price and the RSI threaten the bullish trends from earlier this year, with the lack of momentum to trade back above the $62.70 (61.8% retracement) region raising the risk for range bound prices.
  • Keep in mind, a ‘golden cross’ formation appears to have taken shape as the 50-Day SMA ($61.18) crosses above the 200-Day SMA ($60.76), but the different in slope undermines the potential for a bullish signal.
  • With that said, the Fibonacci overlap around $59.00 (61.8% retracement) to $59.70 (50% retracement) sits on the radar, with the next downside area of interest coming in around $57.40 (61.8% retracement).

For more in-depth analysis, check out the 2Q 2019 Forecast for Oil

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 markets the DailyFX team is watching? Download and review the Top Trading Opportunities for 2019.

--- 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.