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
EUR/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
Oil - US Crude
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
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇦🇺 Ai Group Services Index (JUL) due at 22:30 GMT (15min) Previous: 31.5 https://www.dailyfx.com/economic-calendar#2020-08-06
  • After a brief pause at the end of July, the #gold price rally has resumed full steam ahead in August, with fresh all-time highs emerging for each of the past three days.Get your $XAUUSD market update from @CVecchioFX here: https://t.co/tNl7KTX8CD https://t.co/4I5nHcw1GM
  • $USDJPY Daily Pivot Points: S3: 104.74 S2: 105.3 S1: 105.52 R1: 106.08 R2: 106.42 R3: 106.98 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • White House Chief of Staff Meadows says stimulus discussions will last as long as needed tonight - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.61% 🇳🇿NZD: 0.60% 🇬🇧GBP: 0.21% 🇯🇵JPY: 0.05% 🇨🇭CHF: -0.14% 🇨🇦CAD: -0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tnW4af9aVr
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 7.24% Gold: 1.33% Oil - US Crude: 0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YbvtFCzKwH
  • US moves to tighten disclosure requirements for Chinese listed securities on US exchanges - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.93%, while traders in US 500 are at opposite extremes with 76.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2L02UUzPZP
  • The S&P 500 continues its move higher on Thursday with investor hopes for fiscal stimulus rise as the stalemate in congress endures. Now within 2% of its prior all-time high,Get your S&P500 market update from @FxWestwater here:https://t.co/LQvQw51Vcy https://t.co/ttKETOBHeU
  • #AUDUSD boldly broke above a 2019 resistance range, but negative RSI divergence shows upside momentum is slowing. Do you think the pair will capitulate or break past the upcoming ceiling at 0.7295? https://t.co/FV64qtuXXL
US Crude Oil Price: No Sign Yet of Recovery Faltering

US Crude Oil Price: No Sign Yet of Recovery Faltering

2019-01-10 11:45:00
Martin Essex, MSTA, Analyst
Share:

US crude oil price, news and analysis:

  • The price of US crude oil is continuing to benefit from news that Saudi Arabia is trying to boost prices by making additional cuts to its exports.
  • Its underlying strength has been emphasized by its limited reaction to news that US crude oil stocks fell less than expected in the week to January 4.

US crude oil rally continues

The price of US crude oil is continuing to climb, and could well rise further, on the back of an announcement Wednesday by Saudi Arabia that it will cut its exports in January by 10% compared with November. Saudi Energy Minister Khalid al-Falih said it will reduce its exports from eight million barrels per day to 7.2 million and that there will be a further cut of 100,000 barrels per day in February.

US Crude Oil Price Chart, Hourly Timeframe (December 21, 2018 – January 2, 2019)

Latest US crude oil price chart.

Chart by IG (You can click on it for a larger image)

Emphasizing their underlying strength, crude oil prices have held up remarkably well despite data from the US Energy Information Administration showing that crude inventories fell by 1.7 million barrels in the week to January 4, compared with analysts’ expectations in a Reuters poll for a decrease of 2.8 million barrels.

Al-Falih also said he was confident that the cuts already promised by the Organization of the Petroleum Exporting Countries and its allies would be more than sufficient to balance the market but that he would not rule out calling for further action if that proved not to be the case.

Hopes of progress in the US-China trade talks are helping lift oil prices too, despite plentiful supplies from the US.

See how our Q1 2019 Trading Forecast for Oil can help you when trading

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

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.