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.

Free Trading Guides
EUR/USD
Bullish
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
Mixed
Wall Street
Mixed
Gold
Bullish
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
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇪🇺 EUR German Retail Sales (YoY) (FEB) due at 06:00 GMT (15min), Actual: N/A Expected: 1.5% Previous: 1.8% https://www.dailyfx.com/economic-calendar#2020-04-01
  • A tidal wave of cash waits to return to virus-battered assets, backstopped by huge stimulus. It is unlikely to deploy until infection slows, whatever the US administration prefers. Get your market update from @DavidCottleFX here: https://t.co/OWOi2HxejD https://t.co/oSaImLHSv5
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.69%, while traders in US 500 are at opposite extremes with 72.84%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/F662hrVIJs
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.01% 🇪🇺EUR: -0.05% 🇳🇿NZD: -0.11% 🇯🇵JPY: -0.23% 🇨🇦CAD: -0.25% 🇬🇧GBP: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Eap93N4RvZ
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: -1.82% Wall Street: -1.83% Germany 30: -2.34% France 40: -2.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/g3El2CLFLt
  • My trading video for today: 'Dow Ends Worst Quarter Since 1987, Oil a Record and Trump Talks Infrastructure' https://www.dailyfx.com/forex/video/daily_news_report/2020/04/01/Dow-Ends-Worst-Quarter-Since-1987-Oil-a-Record-and-Trump-Talks-Infrastructure.html?ref-author=Kicklighter&QPID=917719&CHID=9
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/5Gp7y2QwCB
  • Forex Update: USD gains against its major counterparts, with GBP (-0.31%) and CAD (-0.31%) showing the biggest losses. https://t.co/tsmFUrcLAQ
  • Wall Street Futures [delayed]: Dow Jones (-1.37%) S&P 500 (-1.40%) Nasdaq (-0.98%) -BBG
  • The $USD is on the defensive after the Fed activated open-ended QE to becalm panicky financial markets, but scope for renewed stress means losses may be limited. Get your market update from @IlyaSpivak here:https://t.co/dX4Y2akuLc https://t.co/HTn5MtkpFO
Crude Oil Gaps Higher After OPEC Cools Off Production Hikes

Crude Oil Gaps Higher After OPEC Cools Off Production Hikes

2018-09-23 23:00:00
Megha Torpunuri,
Share:

TALKING POINTS: CRUDE OIL, OPEC, IRAN SANCTIONS, EIA

  • Crude oil boosted by lack of output increase by OPEC members and allies
  • Supply shortage fears and sanctions on Iran help prices’ recent rally
  • Asia Pacific Petroleum Conference, inventory data in focus next

Crude oil prices gapped higher from weekend trading, in response to announcements from delegates of the Organization of the Petroleum Countries and allied governments crossing the newswires. The meeting concluded without any decision to increase oil production, a departure from the organization’s commitment in June to hike supply of the commodity. In the meeting, the committee stated that the “current oil market outlook” was satisfactory, with an “overall healthy balance between supply and demand”. It also encouraged “countries with spare capacity to work with customers to meet their demand during the remaining months of 2018”.

Crude Oil Chart (Daily)

Crude Oil Gaps Higher After OPEC Cools Off Production Hikes

Recently, crude oil prices have benefited from unnamed Saudi Arabia sources implying that the producer would not increase production, being comfortable with prices above $80/barrel. Furthermore, the commodity has also rallied in the wake of US sanctions on Iranian oil exports and fears about OPEC-member depletion rates. Prices have been in an uptrend for the majority of this year, breaking out of a downtrend channel in July in response to the organization’s goal to boost supply.

Crude Oil Chart (Daily)

Crude Oil Gaps Higher After OPEC Cools Off Production Hikes

Looking ahead, crude oil prices await the release of US Energy Information Administration and Department of Energy inventory figures later this week. Traders should also keep a close eye on the release of the Baker-Hughes Rig Count, in addition to announcements from the Asia Pacific Petroleum Conference and further statements from President Trump regarding OPEC.

Crude Oil Trading Resources

--- Written by Megha Torpunuri, DailyFX Research Team

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

DISCLOSURES

News & Analysis at your fingertips.