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
Wall Street
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
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.23% Silver: -0.48% Gold: -0.65% View the performance of all markets via
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.15% 🇬🇧GBP: 0.00% 🇨🇦CAD: -0.00% 🇯🇵JPY: -0.06% 🇪🇺EUR: -0.06% 🇨🇭CHF: -0.11% View the performance of all markets via
  • IG Client Sentiment Update: Our data shows the vast majority of traders in USD/CHF are long at 76.22%, while traders in France 40 are at opposite extremes with 86.42%. See the summary chart below and full details and charts on DailyFX:
  • S&P 500, Nikkei 225 Outlook: Stocks Hit Record High as VIX Falls
  • Please join @IlyaSpivak at 22:00 EST/2:00 GMT for your cross-market weekly outlook webinar. Register here:
  • *Schedule Reminder: Weekly Strategy Webinar on Monday at 8:30am EST (12:30GMT) with DailyFX - Mid-Week Market Update on Wednesday at 9:30am EST (13:30GMT) with IG -
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here:
  • 8 out of 11 S&P 500 sectors ended higher, with 69.5% of the index’s constituents closing in the green. Financials (+0.61%) and information technology (+0.56%) outperformed, while healthcare (-0.73%) and real estate (-0.59%) trailed behind.
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here:
Oil Price Breaks Out as US Crude Inventories Unexpectedly Contract

Oil Price Breaks Out as US Crude Inventories Unexpectedly Contract

David Song, Strategist

Oil Price Talking Points

The price of oil breaks out of the range-bound price action from earlier this month amid an unexpected decline in US crude inventories, and efforts by the Organization of the Petroleum Exporting Countries (OPEC) may help to ward off a bear market as the group continues to regulate production.

Oil Price Breaks Out as US Crude Inventories Unexpectedly Contract

Oil climbs to a fresh monthly-high ($56.07) as US stockpiles of crude oil contracts 1699K in the week ending October 18 versus expectations for a 3000K expansion.

Image of DailyFX economic calendar

A deeper look at the report showed gasoline inventories also falling 3107K, with stockpiles of distillate fuel narrowing 2715K during the same period.

Image of EIA weekly US field production of crude oil

Keep in mind, weekly field production of crude sits at a record-high, with US output holding at 12,600K for the third consecutive week. In response, OPEC and its allies appear to be on track to regulate the energy market throughout 2020 as Russia Energy Minister Alexander Novak pledges to uphold “the agreement signed on July 2 to extend the deal until April 1.”

It remains to be seen if OPEC+ will unveil more measures at the next meeting starting on December 5 as the most recent Monthly Oil Market Report (MOMR)warns of lower consumption in 2019, with the forecast “revised lower by 0.04 mb/d to 0.98 mb/d, with total oil demand standing at 99.80 mb/d.”

The weakening outlook for oil consumption may push OPEC and its allies to ramp up its efforts in balancing the energy market especially as the US and China, the two largest consumers of oil, struggle to reach a trade deal.

With that said, the ‘Declaration of Cooperation’ may help to ward off a bear market, but OPEC and its allies may continue to respond to the rise in US output as the International Monetary Fund (IMF) cuts its global growth forecast.

Sign up and join DailyFX Currency Strategist David Song LIVE for an opportunity to discuss key themes and potential trade setups.

Crude Oil Daily Chart

Image of oil daily chart

Source: Trading View

  • The broader outlook for crude oil remains tilted to the downside as a ‘death-cross’ formation took shape in July, with the Relative Strength Index (RSI) highlighting a similar dynamic as the oscillator snaps the upward trend from June.
  • However, the flattening slopes in the 50-Day ($55.35) and 200-Day SMA ($57.06) warn of range-bound conditions as the moving averages converge with one another, with decline from the September-high ($63.38) failing to produce a test the 2019-low ($50.52).
  • In turn, the lack of momentum to close below the Fibonacci overlap around $51.40 (50% retracement) to $51.80 (50% expansion) may keep oil prices afloat, with the break/close above the Fibonacci overlap around $54.90 (61.8% expansion) to $55.60 (61.8% retracement) raising the risk for a move towards $57.40 (61.8% retracement) as crude breaks out of the range-bound price action from earlier this month.
  • Next area of interest comes in around $59.00 (61.8% retracement) to $59.70 (50% retracement) followed by the overlap around $62.70 (61.8% retracement) to $64.60 (100% expansion), which lines up with the September-high ($63.38)

For more in-depth analysis, check out the 4Q 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.