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Crude Oil Price Braced By Supply Cuts And Fresh Chinese Stimulus

Crude Oil Price Braced By Supply Cuts And Fresh Chinese Stimulus

Nick Cawley, Strategist

Brent Oil and US Crude Oil Prices and Charts:

  • Brent stabilizing around $60/bbl.
  • Chinese stimulus and production cuts underpinning the price.

Q1 2019 Oil Trading Forecast.

Crude Oil Price May Nudge Higher

The price of crude continues to trade around $60/bbl. and above both the 20- and 50-day moving averages, propped up by a positive fundamental backdrop. Overnight the Chinese central bank (PBoC) boosted market liquidity by a record $83 billion in a further attempt to boost the country’s flagging economy. Recent official data showed Chinese manufacturing slowing down, while both annual CPI and PPI prints missed expectations. In addition, the recent OPEC+ oil cuts continue to support Brent crude, via reduced inventory, although they will need to be adhered to in the face of a slowing global economy. The next OPEC meeting is scheduled for mid-April.

How to Trade Oil – Crude Oil Trading Strategies

Crude continues to trade above $60/bbl. and may look to slowly grind higher as inventories decrease. The daily chart shows crude above the two shorter moving averages and trading either side of the 61.8% Fibonacci retracement of the June 2017 – October 2018 rally that saw the price of crude nearly double from $44.5/bbl. to $86.65/bbl. A 50% retracement of this move would put crude at $65.60/bbl. although the January 11 high at $62.50/bbl. would need to be broken convincingly first. According to a recent Reuters survey, Brent is expected to average $65/bbl. this year.

Brent Crude Oil Daily Price Chart (April - January 16, 2019)

Crude Oil Price Braced By Supply Cuts And Fresh Chinese Stimulus

WTI vs Brent – Top 5 Differences Between WTI and Brent Crude Oil

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Oil – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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