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
Mixed
Oil - US Crude
Mixed
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
Bearish
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
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • RT @KyleR_IG: The Aussie 10Y yield: surely this thing has to break lower at some point, especially with bullish sentiment cooling off in gl…
  • Bitcoin struggled to maintain a push into record highs and appears to be vulnerable to a near-term pullback. Litecoin and Ethereum saw more aggressive gains, will their momentum accelerate? Find out from @ddubrovskyFX here:https://t.co/f5d7qs5j3z https://t.co/dhLJjkQEnx
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.12% Silver: 0.05% Oil - US Crude: -1.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fb0rTb7U02
  • RT @BrendanFaganFx: AUD/USD Mixed as Retail Sales Surpass Expectations $AUD $USD Link: https://www.dailyfx.com/forex/market_alert/2021/04/21/AUDUSD-Mixed-as-Retail-Sales-Surpass-Expectations.html
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.16% 🇨🇦CAD: 0.05% 🇳🇿NZD: 0.02% 🇪🇺EUR: 0.01% 🇬🇧GBP: 0.00% 🇦🇺AUD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/KHYBRYg6wf
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.46%, while traders in Wall Street are at opposite extremes with 66.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/VNFQudLmfc
  • #USDZAR looking incredibly interesting after breaching the neckline of a Double Top pattern A short-term bounce could be at hand but if 14.50 remains intact, a more extended push lower seems likely in the coming weeks $USDZAR https://t.co/1rHgmX4zyB
  • RT @KyleR_IG: "Retail sales rose 1.4 per cent in March" https://t.co/aM9vXo5s49 #ausbiz
  • 🇦🇺 Retail Sales MoM Prel (MAR) Actual: 1.4% Expected: 1% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-04-21
  • 🇦🇺 Westpac Leading Index MoM (MAR) Actual: 0.38% Previous: 0.16% https://www.dailyfx.com/economic-calendar#2021-04-21
Crude Oil Price Outlook Hinges on OPEC Meeting

Crude Oil Price Outlook Hinges on OPEC Meeting

David Song, Strategist

Oil Price Talking Points

The price of oil struggles to retain the rebound from the monthly low ($49.31) as the coronavirus poses a threat to the global supply chain, but efforts by the Organization of the Petroleum Exporting Countries (OPEC) may keep crude prices afloat if the group takes additional steps to rebalance the energy market.

Crude Oil Price Outlook Hinges on OPEC Meeting

The price of oil consolidates ahead of the OPEC meeting starting on March 5 as China, one of the largest consumers of crude, struggles to contain COVID-19, with the outbreak dampening the outlook for global growth.

In response, OPEC and its allies may show a greater commitment to the ‘Declaration of Cooperation’ by extending the agreement beyond the March 31 deadline as the Joint Technical Committee (JTC) insists that the group should curb production “until the end of 2020.”

However, it remains to be seen if OPEC and its allies will further reduce supply after slashing oil output by an additional 500K b/d in December, and a mere extension of the ‘Declaration of Cooperation’ may keep oil prices under pressure as the most recent Monthly Oil Market Report (MOMR) highlights that “oil demand growth in 2020 is revised down by 0.23 mb/d from the previous month’s assessment.”

With that said, the ongoing commitment to the ‘Declaration of Cooperation’ may continue to provide a floor for crude prices, but the OPEC meeting may do little to fuel a larger recovery in the price of oil if the group maintains the quotas from earlier this year.

Oil Forecast
Oil Forecast
Recommended by David Song
Download the 1Q 2020 Forecast for Oil
Get My Guide

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 price daily chart

Source: Trading View

  • Crude appears to be stuck in a narrow range ahead of the OPEC meeting, and the price of oil may continue to consolidate as the recent decline fails to produce a test of the February low ($49.31), which lines up wit the Fibonacci overlap around $48.80 (38.2% expansion) to $49.80 (78.6% retracement).
  • However, the Relative Strength Index (RSI) raises the scope for a larger rebound in the price of oil as the oscillator bounces back from oversold territory and preserves the upward trend from earlier this month.
  • Need a break/close above the Fibonacci overlap around $54.90 (61.8% expansion) to $55.50 (38.2% retracement) to open up the $57.40 (61.8% retracement) region, with the next area of interest coming in around $59.00 (61.8% retracement) to $59.70 (50% retracement).
Traits of Successful Traders
Traits of Successful Traders
Recommended by David Song
Traits of Successful Traders
Get My Guide

--- 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.

DISCLOSURES