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.

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
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
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
Mixed
GBP/USD
Bearish
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
USD/JPY
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
More View more
Real Time News
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/gGOU1RVQzq
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/wrI29FTN41
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/UzzC1bGzRJ
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/46bdHdOmOV
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/6FokpDbL65
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/TwrOBFgIwj
  • Gold prices were crushed this week as yields continued to climb. But with a big spot of support coming in, can buyers bring a bounce ahead of NFP? Get your market update from @JStanleyFX here: https://t.co/E1TTXVJGUm https://t.co/pD4TeAY3ZP
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/PiLYJDVvtY
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/453MLny2lu
  • The haven-linked US Dollar may be in a position to benefit in the short-run as economic recovery bets support longer-dated Treasury yields, making them more competitive with stocks. Get your market update from @ddubrovskyFX here: https://t.co/BickxlcuZi https://t.co/OdARp4Z1mh
US Crude Oil Price Breaks Higher, May Rally Further

US Crude Oil Price Breaks Higher, May Rally Further

Martin Essex, MSTA, Analyst

US crude oil price, news and analysis:

  • The US crude oil price has broken to the upside from a downward sloping channel in place on the daily chart since the start of October, suggesting further strength ahead.
  • It has been helped by the US-China trade war ceasefire, expectations that OPEC will cut output this week and a production reduction by Canada’s Alberta province.

US crude oil price strengthens

The price of US crude oil, which has been falling since early October, has broken to the upside from a downward sloping channel on the daily chart, suggesting a further rally if it can hold above the channel resistance line at the US close.

US Crude Oil Price Chart, Daily Timeframe (October 2 – November 6, 2018)

Latest US crude oil price chart.

Chart by IG (Click on it for a larger image)

Oil has been boosted by a 90-day ceasefire in the US-China trade war, agreed by US President Donald Trump and Chinese President Xi Jinping at the G20 meeting in Buenos Aires at the weekend. The two sides have decided to halt additional tariffs due to come into force on January 1.

In addition, hopes are high that a cut in output will be agreed at the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies that begins Thursday in Vienna. Saudi Arabia and non-OPEC member Russia have reached an agreement to reduce output although there are no hard figures yet, Russian President Vladimir Putin said at the G20 Saturday.

Moreover, the Canadian province of Alberta has said it will force producers to cut output by 8.7% while a statement by Qatar that it will leave OPEC has had little impact as its crude production is low even though it is the biggest world exporter of liquified natural gas.

Nonetheless, US suppliers are continuing to produce record amounts of crude oil, contributing to global oversupply and suggesting that any further bounce in the crude price will likely be limited.

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:

--- 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