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.



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
Wall Street
More View more
Real Time News
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here:
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here. #DailyFXGuides
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here:
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • 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:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • 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:
Crude Oil Prices Fall, IEA Sees Supply Glut Continuing Into 2017

Crude Oil Prices Fall, IEA Sees Supply Glut Continuing Into 2017

Varun Jaitly,

Talking Points:

  • IEA forecasts significant supply increase in 2017 given OPEC deal fails to materialize
  • Crude oil production increased by 0.8mb/d to 97.8 mb/d as Russia and Iraq pump more
  • Oil demand expected to weaken as China, America and OECD show signs of weakness

See what live coverage is scheduled for key event risk inthe FX and capital markets on the DailyFX Webinar Calendar.

Crude oil prices fell today as the International Energy Agency (IEA) released its monthly Oil Market Report, updating supply and demand figures for the year as well as their forecasts for 2017. Crude oil production rose by 0.8mb/d to 97.8mb/d in October, the IEA cited OPEC and non-OPEC members increasing production despite efforts to reach an accord on output.

The return of supply from countries like Libya and Nigeria following outages contributed to record output from OPEC, along with Iraq hitting its own production all-time high. OPEC oil output currently stands at 33.83 mb/d in October, rising 230kb/d from the month prior, and 1.3mb/d from the previous year.

Crude oil demand is expected to weaken to 1.2 mb/d in 2016, with the IEA citing weakness in OECD countries and a marked slowdown in Chinese demand. OECD crude inventories fell for a second month in September, though data from Japan and the US show stockpiles increasing. Given the outcome of this month's OPEC meeting, the trend of stockpiles rising may persist through 2017 if OPEC fails to stem production.

The IEA noted the significance of the OPEC meeting on November 30th, suggesting that despite recent geopolitical events the supply glut and the outcome of the accord remain paramount for oil prices. The report also commented on the amount of effort needed to make this deal come to fruition, as current OPEC output is well above the targeted reduction, and would require major producers to cut it heavily. Non-OPEC estimates suggest a worsening of the glut in 2017 as Russia hits its own personal records and countries like Brazil and Canada continue to see output growth.

Alongside growing supply, the IEA left its demand forecast for 2017 unchanged, suggesting economic growth has not strengthened enough to warrant growth beyond what was already expected. If OPEC is able to pass successful production cuts throughout member and non-member nationshowever, then the IEA suggests the market will see a quick shift from surplus to deficit. Despite this, the stockpiling of inventories will take time to reduce. Failure to implement significant production reductions may lead to downward pressure in prices during 2017.

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