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Crude Oil Analysis: Oil Bulls Target $70

Crude Oil Analysis: Oil Bulls Target $70

Justin McQueen, Analyst

Oil Price Analysis and News

  • Oil Bulls Look to $70 Target
  • Brent Crude Technical Outlook
  • Oil Impact on FX

Oil Bulls Look to $70 Target

Amid the continued improvement in risk sentiment as trade war tensions ease and with Saudi Arabia pledging to take aggressive action to curb production, Brent crude futures saw its largest weekly gain since the beginning of the year, rising over $6/bbl. Alongside this, the rally in oil prices has seen the futures curve move into backwardation, consequently maintaining the bullish and thus raising the scope for a move towards $70/bbl. Elsewhere, among the catalysts that have also underpinned oil prices in recent months have been the sanctions that the US have placed on Iran and Venezuela.

Brent Crude Technical Outlook

Having made a firm break above the 38.2% Fibonacci retracement, focus is now on for a test of the 50% Fibo at $68.45/bbl, whereby a closing break above could see Brent at $70. Although, with the relative strength index hovering near overbought territory, there is a potential for a short-term pullback.

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.

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

Crude Oil Analysis: Oil Bulls Target $70

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.

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