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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
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
Gold
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Recent polls have put Conservatives ahead of Labour and given a boost to $GBP. Get your #Brexit update from @ZabelinDimitri here: https://t.co/l2n53C0cYY https://t.co/oTWfXkaDDt
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr #FOMOintrading https://t.co/xeromAGqqx
  • Macro data from around the world have long attested to the urgent need for a trade settlement between the US and China. Increasingly the corporate numbers are saying the same. Get your market update from @DavidCottleFX here:https://t.co/Qon7QUO80c https://t.co/rCOG78QQ2M
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your market update from @IlyaSpivak here: https://t.co/4lHhHsby56 $XAUUSD https://t.co/JmZxckVHdS
  • Cable (GBP/USD) remains just off its seven-month high print around 1.3165 as traders start to move to the side lines ahead of next Thursday’s General Election vote. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/CpCh13J9ZH #Brexit https://t.co/PIh6WUqbsK
  • (Weekly Technical Outlook) GBP/USD, EUR/GBP, GBP/JPY, GBP/CAD Outlook as UK Election Looms $GBPUSD $EURGBP $GBPJPY #UKelection2019 - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/07/GBPUSD-EURGBP-GBPJPY-GBPCAD-Outlook-as-UK-Election-Looms.html?CHID=9&QPID=917702 https://t.co/iuILHYczJ7
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/WlEFlluGfZ #tradingstyle https://t.co/TkMtJQKatx
  • By issuing debt denominated in $USD, China is making a long-term bet that it will be cheaper to pay back its loans over time in the US Dollar; it believes the value of the US Dollar will fall. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/xV9urXXf48
  • What are some risk trading management techniques? Find out: https://t.co/RShdlDz9RA #tradingstyle https://t.co/M3ASPIHAep
  • #Dow Jones stages impressive recovery on a firm NFP report. #FTSE 100 eyes UK general election. Get your equities technical analysis from @JMcQueenFX here: https://t.co/o28UcG6N3l https://t.co/SwGAaFCFND
Crude Oil Price Outlook: Fresh 5-Month High as Libyan Clashes Escalate

Crude Oil Price Outlook: Fresh 5-Month High as Libyan Clashes Escalate

2019-04-08 08:00:00
Nick Cawley, Analyst
Share:

Crude Oil Price Analysis, News and Chart.

  • Fears that global economic growth has peaked may weigh on oil.
  • Violent clashes in Libya likely to hit supply - will OEPC respond?

DailyFX Crude Oil Landing Page – Prices, Charts, Analysis and Real-Time News

Crude oil touched a new 5-month high Monday as the violent clashes in Libya continue, adding to supply fears from a region that pump over 1 million barrels a day. OPEC has not yet said if it will increase output if Libyan oil goes offline. OPEC is still expected to extend the current supply cuts beyond the current June deadline, keeping any downside in the price of oil in check. Last Friday’s US NFPs showed the American economy still growing at a decent clip, despite many analysts predicting a recession in 2020, and this week’s economic data will need to be closely monitored. While the US economy may still be expanding, a recent report from the IMF cut global growth forecasts saying the outlook is ‘increasingly unsettled’, while the WTO cut world growth to 2.6% for this year - compared to 3.0% in 2018 - sharply lower than previous expectations of 3.7% expansion in 2019.

Crude oil currently trades just over $70.00/bbl. and is touching strong resistance at $70.57/bbl. the 38.2% Fibonacci retracement level of the June 2017 – October 2018 rally. Oil remains above all three moving averages and recent moves point to the shorter-term moving averages breaking above the longer-dated moving averages, a bullish ‘golden cross’ formation. Oil remains in overbought territory according to the CCI indicator and may need a period of consolidation if it is to push higher again.

WTI vs Brent: Top Five Differences Between WTI and Brent Crude Oil.

Crude Oil Prices Hit Fresh 5-Month High with Eyes Glued on Dow and Risk.

Crude Oil Price Chart Daily Time Frame (July 2018 – April 8, 2019)

Crude Oil Price Outlook: Fresh 5-Month High as Libyan Clashes Escalate

IG Client Sentiment shows that retail traders are heavily net-short of Oil, a bullish contrarian indicator.

--- Written by Nick Cawley, Market Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

DISCLOSURES

News & Analysis at your fingertips.