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
Mixed
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
Bullish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.13%, while traders in US 500 are at opposite extremes with 76.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/E6VnriWgve
  • RT @FxWestwater: $USDTRY, $EURTRY Jump to Record Highs on #Lira Weakness - via @DailyFX https://www.dailyfx.com/forex/market_alert/2020/08/06/USDTRY-EURTRY-Jump-to-Record-High-on-Lira-Weakness.html https://t.co/LsZS5Tifho
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 4.47% Gold: 0.94% Oil - US Crude: 0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/uUMsYzfIqQ
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.61% 🇬🇧GBP: 0.43% 🇳🇿NZD: 0.37% 🇯🇵JPY: 0.18% 🇨🇭CHF: -0.06% 🇨🇦CAD: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/qChN4x7BRN
  • 🇷🇺 Inflation Rate YoY (JUL) Actual: 3.4% Expected: 3.4% Previous: 3.2% https://www.dailyfx.com/economic-calendar#2020-08-06
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.04% France 40: -0.02% Germany 30: -0.07% FTSE 100: -0.09% US 500: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/1YBsxDGpxy
  • RT @realDonaldTrump: Upon departing the Oval Office for Ohio, I’ve notified my staff to continue working on an Executive Order with respect…
  • Heads Up:🇷🇺 Inflation Rate YoY (JUL) due at 16:00 GMT (15min) Expected: 3.4% Previous: 3.2% https://www.dailyfx.com/economic-calendar#2020-08-06
  • Japanese #Yen Outlook: $USDJPY Rebounds Off Support- Recovery Levels - https://t.co/3Q9KuieaSE https://t.co/iMyJx8fBwL
  • House Speaker Pelosi says "we have to think big" regarding stimulus $DXY $SPX
Crude Oil Analysis: Bullish Uptrend Remains, Trade War Deal Nearing

Crude Oil Analysis: Bullish Uptrend Remains, Trade War Deal Nearing

2019-03-04 10:25:00
Justin McQueen, Analyst
Share:

Oil Price Analysis and News

  • Trade War Hopes and Falling Rig Counts Support Oil
  • Money Managers Boost Long Positions

Trade War Hopes and Falling Rig Counts Support Oil

Oil prices are on the front foot to begin the week, with Brent crude futures holding above $65/bbl. On Friday, the latest Baker Hughes rig count showed oil rigs drop by 10, consequently easing concerns over rapidly increasing shale production. Elsewhere, the boost in risk sentiment has also provided an undertone of support for oil prices after a WSJ report highlighted that the US and China are nearing a trade deal in which an agreement could be finalized at a summit between Trump and Xi on March 27th.

Money Managers Boost Long Positions

Positioning data has been relatively encouraging for oil bulls with money manager net-long positioning rising yet again. The rise had been attributed to the increase in long positions as opposed to short covering, subsequently, signaling renewed optimism within the oil complex.

Please add a description for the image.

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.

More 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.