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
More View more
Real Time News
  • USD/CAD attempts to retrace the decline from the start of the week even as Federal Reserve officials talk down speculation for an imminent shift in monetary policy. Get your $USDCAD market update from @DavidJSong here:
  • Fed's Mester: - I'd like to see more progress on the mandate's employment front - The major policy focus is on asset purchases rather than rate hikes
  • Fed's Mester: - We will get a better read on the labor force participation rate as schools open and unemployment benefits expire - Over the coming months we will see if the forward guidance conditions have been met
  • Fed's Mester: - We have seen inflation expectations move up, but not to levels that are concerning - The US economy has improved significantly, but the pandemic is far from over
  • Fed's Mester: - I anticipate a 6% to 7% increase in economic growth this year - I expect inflation to be around 3% to 3.5% this year before dropping to 2% next year
  • Fed's Mester: - Supply constraints are the source of higher prices - Unemployment rate could fall below 4% by the end of 2022
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.30% Wall Street: 0.04% Germany 30: -0.12% FTSE 100: -0.19% France 40: -0.20% View the performance of all markets via
  • Canada PM Trudeau: - gradual reopening of border is a matter of weeks not months
  • Italy PM Draghi: - confident that part of the EU recovery fund will be come permanent
  • Italy PM Draghi: - Italy recovery plan approved by EU
Crude Oil Prices Hit Resistance, Next Move May Be Lower

Crude Oil Prices Hit Resistance, Next Move May Be Lower

Martin Essex, MSTA, Analyst

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 or on Twitter @MartinSEssex

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