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
Wall Street
Bearish
Gold
Mixed
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • EU RAISES 2021 EURO-AREA GDP FORECAST TO 4.3% FROM 3.8%
  • Heads Up:🇬🇧 BoE Gov Bailey Speech due at 09:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-12
  • Heads Up:💶 Industrial Production YoY (MAR) due at 09:00 GMT (15min) Expected: 11.7% Previous: -1.6% https://www.dailyfx.com/economic-calendar#2021-05-12
  • Heads Up:🇨🇳 New Yuan Loans (APR) due at 09:00 GMT (15min) Actual: CNY1470B Expected: CNY1600B Previous: CNY2730B https://www.dailyfx.com/economic-calendar#2021-05-12
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/dJNcNUzChH
  • 🇵🇭 Interest Rate Decision Actual: 2% Expected: 2% Previous: 2% https://www.dailyfx.com/economic-calendar#2021-05-12
  • Ethereum (ETH)/Bitcoin (BTC) spread just keeps on giving. Bitcoin dominance 42.2%, Ethereum dominance 19.7%. Still some way but flippening? #bitcoin #btc #ethereum #eth @DailyFX Chart via @IGcom https://t.co/Uqt6hwu9Xz
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.64%, while traders in GBP/JPY are at opposite extremes with 66.48%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/H4fL2uLFTR
  • Heads Up:🇫🇷 IEA Oil Market Report due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-12
  • Heads Up:💶 ECB Non-Monetary Policy Meeting due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-12
Crude Oil Price Rises, Then Slips: Supply Cut Extension Deferred

Crude Oil Price Rises, Then Slips: Supply Cut Extension Deferred

David Cottle, Analyst

Talking Points:

  • Crude oil prices rose as a committee of major producers seemed committed to extending last year’s production cuts
  • However, they slipped back again once its communique was published
  • There may yet be an extension, but the decision has been held over until mid-April

Crude oil prices rose on Sunday and into Monday’s Asia session on hopes that historic production cuts might be extended, but then slipped back when it became clear that such a move was not likely very soon.

A joint committee of producers from within and outside the Organization of Petroleum Exporting Countries (OPEC), has agreed to review an extension of last year’s agreement to cut production by six months.

An earlier draft of the statement had said that the committee reported a “high level of conformity” and “recommends” a six-month extension. The final version merely said that there would be a review of oil market conditions and another meeting on the subject on April 17.

The reason for this change of wording was not immediately clear.

OPEC and eleven other leading producers agreed late last year to cut their combined output by almost 1.8 million barrels per day in the first half of 2017. The original deal had a six-month lifespan, with the possibility of an extension. It has taken crude prices above $50/barrel, but they don’t look comfortable there, especially as US shale-oil production rises. This increases the very supply glut that OPEC and others had hoped to limit.

In any case the lack of an immediate extension to the output cut has weighed on oil prices as a new week gets under way in Asia. International benchmark Brent crude got up to $51.07 as the report was released but has since slipped back to $50.78.

Modest hopes dashed: Brent crude oil price

Crude Oil Price Rises, Then Slips: Supply Cut Extension Deferred

Would you like to get live, interactive coverage of major, market-moving economic news? If so the DailyFX webinars are for you.

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

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

DISCLOSURES