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
EUR/USD
Bearish
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
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
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • The German $DAX is diving fast. The three-day slide from this European benchmark is flashing its biggest drop since March 18. Crossed the threshold of the 61.8% Fib of the Pandemic tumble: https://t.co/tOll3ZybDm
  • 🇨🇦 BoC Interest Rate Decision Actual: 0.25% Expected: 0.25% Previous: 0.25% https://www.dailyfx.com/economic-calendar#2020-10-28
  • Brexit talks have made progress with deal possible by early November $GBP
  • Tune in to @PeterHanksFX 's #webinar at 11:00 AM ET/3:00 PM GMT as he discusses top levels to watch on #DAX, #DOW & more. Register here: https://t.co/Rwbt9avERj https://t.co/QjIdXcXkMI
  • 🇨🇦 BoC Interest Rate Decision Actual: 0.25% Expected: 0.25% Previous: 0.25% https://www.dailyfx.com/economic-calendar#2020-10-28
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.59%, while traders in NZD/USD are at opposite extremes with 74.82%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/0lCoXGMYkY
  • France preparing to announce stay at home order this week, according to industry sources $EUR
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Gold: -1.46% Silver: -3.96% Oil - US Crude: -5.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/BW1IQulbTf
  • Heads Up:🇨🇦 BoC Monetary Policy Report due at 14:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-28
  • Heads Up:🇨🇦 BoC Interest Rate Decision due at 14:00 GMT (15min) Expected: 0.25% Previous: 0.25% https://www.dailyfx.com/economic-calendar#2020-10-28
Crude Oil Prices Hit Resistance, Next Move May Be Lower

Crude Oil Prices Hit Resistance, Next Move May Be Lower

2018-05-09 09:30:00
Martin Essex, MSTA, Analyst
Share:

Crude oil talking points:

- Both Brent and US crude oil prices have hit trendline resistance after Trump’s decision to pull out of the nuclear deal with Iran.

- Now, they look likely to slip back.

Check out the IG Client Sentiment data to help you trade profitably.

And for a longer-term outlook take a look at our Q2 forecast for oil.

Oil prices lifted by Trump’s Iran decision

The prices of both global benchmark Brent crude oil and the US contract have continued to move higher following US President Donald Trump’s decision to withdraw from the international nuclear pact with Iran. However, a pause now seems likely and there is a risk that prices will fall back.

Brent has now established itself above the psychologically important $75/barrel mark and has hit resistance at a trendline joining the highs reached since mid-April. That makes a pullback to the $75 level from just below $77 currently more likely.

Brent Crude Oil Price Chart, Daily Timeframe (Year to Date)

Latest Brent crude oil daiy price chart.

Chart by IG

Similarly, the price of US crude has overcome the $70/barrel mark but has stalled and seems likely to retrace at least some of its recent gains after reaching its highest level since December 2014. While a reduction in oil exports from Iran can now be expected, it is quite likely that any shortfall will be made up by increased US shale output.

US Crude Oil Price Chart, Daily Timeframe (Year to Date)

Latest US crude oil daily price chart.

Chart by IG

Notably, there has been very little response to news from the American Petroleum Institute that US crude inventories fell much further than expected in the week to May 4 – data that might have been expected to boost prices further.

Moreover, there are hopes that European efforts to salvage the nuclear pact could reduce the impact of the US withdrawal from it and that a wider conflict in the Middle East can be avoided.

Resources to help you trade the forex markets

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you: analytical and educational webinars hosted several times per day, trading guides to help you improve your trading performance, and one specifically for those who are new to forex. You can learn how to trade like an expert by reading our guide to the Traits of Successful Traders.

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

DISCLOSURES