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
  • 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: https://t.co/IsnpfJhp91 https://t.co/lqpXwWjVFt
  • 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
Crude Oil Prices Supported by Strikes, However, Trade Wars to Cap Gains

Crude Oil Prices Supported by Strikes, However, Trade Wars to Cap Gains

Justin McQueen, Analyst

Oil Price Analysis and News

  • Brent crude futures broke above $75 as strikes take effect
  • US-China Trade War could see prices struggle

For a more in-depth analysis on Oil Prices, check out the Q3 Forecast for Oil

Crude Oil Prices Lifted as North Sea Strikes Take Place

Brent crude futures have seen a slight lift this morning with prices back above $75/bbl as Union strikes go ahead on Total’s North Sea platforms for 12 hours from 1100GMT, while 24-hour strikes are to take place on August 6th and 20th. The platforms account for around 10% of the UK’s gas output, while oil productions contributes to around 45-50kbpd.

This also follows on from reports last week that Saudi Arabia stated that it was suspending oil shipments through the Red Sea’s Bab al-Mandeb strait (EIA noted that 4.8mln bpd flows through this waterway), which is one of the world’s most important tanker routers, after Houthi rebels attacked two ships in the waterway.

US-China Heated Trade War Could Cap Gains

As neither side has showed any signs that they are willing to shy away from a full-blown trade war, oil price gains continue to remain capped as escalation weighs in risk sentiment. As such, headline risk remains high following reports last week that China will retaliate to the additional $16bln worth of tariffs set to be imposed.

US-CHINA TRADE WAR TIMELINE

Crude Oil Prices Supported by Strikes, However, Trade Wars to Cap Gains

Source: Westpac (Business Insider)

BACKGROUND ON TRADE WARS

OIL PRICE CHART: Daily Time-Frame (January-July 2018)

Crude Oil Prices Supported by Strikes, However, Trade Wars to Cap Gains

Chart by IG

Brent crude holding above $75/barrel with the 100DMA keeping price action somewhat static. Support is seen from the rising trendline stemming from June 2017. Target on the upside will be the 23.6% Fibonacci retracement at $76.05, while key support is situated at $72/barrel.

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES