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
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
Bearish
USD/JPY
Bearish
More View more
Crude Oil Analysis: Bulls Eye Break of Crucial Resistance for Fresh 2019 Highs

Crude Oil Analysis: Bulls Eye Break of Crucial Resistance for Fresh 2019 Highs

2019-02-13 10:25:00
Justin McQueen, Analyst
Share:

Oil Price Analysis and News

  • Improved Risk Sentiment Provides Support
  • Brent Crude Technical Analysis

Improved Risk Sentiment Provides Support

While yesterday’s jawboning from OPEC continues to keep the oil complex bid. The improvement in the global risk tone has also provided a lift for Brent crude futures. Overnight, government shutdown fears had abated slightly after reports suggested that President Trump may reluctantly accept the bi-partisan agreement thus avoiding another government shutdown. On the Trade front, sentiment has picked up following news that President Xi were to meet with the Trump administration later this week, while President Trump has also hinted that the US could extend the March 1st deadline, provided that an agreement could be reached in the near-term, consequently reducing investor angst that trade tensions will escalate.

Brent Crude Technical Analysis

Brent crude futures continue to track higher with bulls eying a break above the 2019 peak ($63.63/bbl). A closing break above could see Brent make a test of the $64 handle in the near-term. As reminder, yesterday’s API crude inventory data showed a surprise drawdown of 998kbbls, as such, confirmation by today’s DoE data with a larger drawdown could see Brent at $64.

BRENT CRUDE PRICE CHART: Daily Time Frame (Oct 2018 – Feb 2019)

Crude Oil Analysis: Bulls Eye Break of Crucial Resistance for Fresh 2019 Highs

Oil Impact on FX

Net Oil Importers: These countries tend to be worse off when the price of oil rises. This includes, KRW, ZAR, INR, TRY, EUR, CNY, IDR, JPY

Net Oil Exporters: These counties tend to benefit when the price of oil rises. This includes RUB, CAD, MXN, NOK.

Recommended Reading

What Traders Need to Know When Trading the Oil Market

Important Difference Between WTI and Brent

--- 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

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.