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.

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
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
Oil - US Crude
Bullish
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • 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: https://t.co/rfwUWJfbz9 https://t.co/CrpXuYgfRO
  • 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: https://t.co/ZNs4Qi8ieG https://t.co/VzEbQn8blk
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/bZEFtp8kFe https://t.co/ETF52Q2sLz
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/AXZxK8Abrh
  • Global stock markets may see turbulent volatility if darkening clouds over Washington’s relations with Beijing turn into a geopolitical storm. Which assets will be the lifeboat? Find out here:https://t.co/RkFI6qAyik https://t.co/9Ppa4d48Ql
  • The Dow Jones and S&P 500 outlook appears bleak in the near term as retail traders increase their upside exposure. At the same time, these indices confirmed bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/fKCHELbOxo https://t.co/e0liqVDzw6
  • The Japanese Yen may fall against its major peers, but there is room for a near-term climb that wouldn’t necessarily overturn a bearish technical bias. USD/JPY is eyeing support. Get your market update from @ddubrovskyFX here:https://t.co/AEnQCXnwAL https://t.co/tuq7DDF3jE
  • Protests in Colombia may continue to pressure the Peso, but surging commodity prices and a weaker Greenback could curb USD/COP gains. Get your market update here:https://t.co/vcVH75xuKI https://t.co/kEvbsagB4a
  • Money never sleeps.... https://t.co/mAkpWd2M3O
  • The US exchanges are closed and now we have to turn over to the cryptocurrency charts to monitor developments in risk trends over the weekend. Unfortunately, it can be difficult to separate systemic sentiment influences vs isolated issues (like a celebrity's tweet about a coin)
US Crude Oil Price Heads Lower Again

US Crude Oil Price Heads Lower Again

Martin Essex, MSTA, Analyst

Crude oil price, news and analysis:

  • The price of US crude oil is dropping still further as oversupply in the market continues to dominate trading.
  • News Wednesday of strong US demand for gasoline and distillates gave the price only a brief boost.

Our trading forecasts for Q3 have been published; you can find the oil guide here.

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

Crude oil price gives up gains

The price of US crude oil is continuing on its downward path Thursday after a modest rally Wednesday on news that US demand for gasoline and distillates remains buoyant. Data from the Energy Information Administration showed that gasoline inventories fell by 3.2 million barrels last week while stockpiles of distillates, such as diesel and heating oil, dropped by 371,000 barrels.

However, attention turned Thursday from demand to supply, with the EIA figures also showing that inventories of crude rose by 5.8 million barrels and output hit a record 11 million barrels per day. That reversed the earlier gains and extended the downward trend in place for most of this month so far.

US crude oil Price Chart, Hourly Timeframe (July 2018)

Latest crude oil price chart.

Chart by IG

The problem for oil bulls is that the market remains oversupplied. Not only is US output at a record level but other major oil producing nations such as Russia and the members of the Organization of the Petroleum Exporting Countries are having trouble reducing their production.

OPEC and non-OPEC producers cut oil output in June by 20% more than agreed levels, compared with 47% in May, the Reuters newsagency reported Wednesday. If these trends continue, the price of US crude could yet fall further.

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