Never miss a story from Justin McQueen

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Justin McQueen

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

Oil Price Analysis and News

  • Crude Stockpile Increase Fails to Dent Oil
  • Iranian Oil Waivers Extension

Crude Stockpile Increase Fails to Dent Oil

Brent crude futures are modestly firmer this morning with gains of 0.8%. Yesterday’s EIA inventory report showed a larger than expected build in crude stockpiles at 7mln, however, given that this had been lower than the API report of 7.4mln, Brent crude futures saw an initial blip higher. Alongside this, support from the $65/bbl handle continues to keep Brent underpinned.

Iranian Oil Waivers Extension

Early May will see the current waivers to purchase Iranian oil for 8 countries expire. Much of the focus over the coming month will be as to whether the US will grant an extension to the current oil waivers. While India has highlighted that they want to continue to purchase around 300kbpd of Iranian oil in any extension, the US State Department has reiterated their desire to push Iranian oil purchases to zero. A decision not to provide an extension would likely see oil prices continue to firm.

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 CHART: Daily Time Frame (Aug 2018 – Mar 2019)

Crude Oil Analysis: Oil Underpinned by $65, Range Holds For Now

While the trend remains modestly bullish, price action has been somewhat range-bound in recent weeks, given the lack of volatility. Eyes on a topside break above the 2019 high ($67.82), which could see Brent move towards $68.50.

OIL MARKET ANALYSIS

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