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
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.33% 🇨🇦CAD: 0.32% 🇬🇧GBP: 0.30% 🇨🇭CHF: -0.00% 🇪🇺EUR: -0.04% 🇯🇵JPY: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bfJnHyzJyn
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.10% Gold: -0.42% Silver: -0.91% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/j3TGJrmNvp
  • Fed's Kashkari says crypto is 'wild west' of fraud and hype - BBG $BTCUSD #Bitcoin
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.57%, while traders in France 40 are at opposite extremes with 79.18%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/hWcwkuvBVF
  • FDA developing Covid vaccine booster plan DJ via BBG
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.03% Germany 30: 0.02% Wall Street: -0.02% US 500: -0.03% France 40: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bVWZM0rAFe
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/U6wIThJkpw
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.11% Gold: -0.43% Silver: -0.87% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/AOIbh73rp3
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.68%, while traders in France 40 are at opposite extremes with 78.98%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/yK7jFjbjiP
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/zw2CgDfc4p
Crude Oil Price Analysis: Resistance Breached, Bulls Take Charge

Crude Oil Price Analysis: Resistance Breached, Bulls Take Charge

Justin McQueen, Analyst

Oil Price Analysis and News

  • Talk of $80 Brent Keeps Prices Afloat
  • Iran Sanctions Dictating, Trade War Shrugged Off
  • WTI Breaks Key Resistance, Outlook Bullish

Talk of $80 Brent Keeps Prices Afloat

Oil bulls continue to take charge with Brent making another push towards $80/bbl. Yesterday’s DoE crude report showed a 5th consecutive weekly drawdown in crude stocks, which in turn added to the upward momentum. Alongside this, the recent reports that Saudi Arabia would be comfortable with Brent above $80 has seen oil bulls use that as their first target, while similar comments from the Iranian oil minister has also buoyed sentiment and could possibly see oil continue to push for better levels.

Iran Sanctions Dictating, Trade War Shrugged Off

Despite the step up in trade war tensions between the US and China with the Trump administration announcing that they will tariff $200bln worth of Chinese goods at 10%, the looming sanctions on Iranian exports has been the biggest driver for oil prices. The Brent futures curve remains in backwardation with the front month trading at a $0.50 premium.

WTI Breaks Key Resistance, Outlook Bullish

Following yesterday’s DoE crude report, WTI crude made a break above the psychological $70 level before breaching the descending trendline from the YTD high. This break confirms that the momentum is to the upside with room for a revisit to the YTD high ($74.06)

Oil Price Chart: Daily Time Frame (January-September 2018)

Crude Oil Price Analysis: Resistance Breached, Bulls Take Charge

--- 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