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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here -
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
  • The price of #oil may continue to trade in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43). Get your #commodities update from @DavidJSong here:
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • #Gold prices have plunged nearly 11% off the record highs with a breakout risking further losses. Here are technical trade levels that matter on the XAU/USD weekly chart. Get your #metals update from @MBForex here:
Crude Oil Price Latest: Positive Bias on Heightened Political Woes

Crude Oil Price Latest: Positive Bias on Heightened Political Woes

2019-04-15 08:00:00
Nick Cawley, Strategist

Crude Oil Price Chart and Analysis:

  • Crude oil chart continues to flash positive signals.
  • Libyan oil production at risk as violent clashes continue.

The Brand New DailyFX Q2 2019 Trading Forecast and Guides are Available to Download Now!!

Crude oil prices continue to trade at or near multi-month highs as clashes in Libya continue, adding to concerns that oil production from the OPEC member may be cut back sharply. The ongoing assault on the capital Libya has yet to weigh on current oil production of round 1.1 million barrels per day but this could change quickly, impacting the price of crude.

Sanctions against Venezuela continue to bite with the country reporting a sharp slowdown in production. According to the IEA the country’s production was down 600,000 barrels a day compared to a year ago, while OPEC reported that Venezuela’s monthly production fell by around 500,000 barrels to 960,000 barrels last month.

Crude is also being propped up by thoughts that the economic slowdown in China is not as bad as first feared with traders now waiting for a slew of economic data on Wednesday, including Chinese Q1 GDP. Data last week showed new Yuan loans rising sharply in March to 1690 billion from 885.8 billion, while the trade balanced soared to CNY 221.3 billion from 34.46 billion in February.

DailyFX analyst Daniel Dubrovsky will be covering Chinese GDP Data live on April 17 from 2:45am.

Crude Oil Price Latest: Positive Bias on Heightened Political Woes

The current oil chart remains positive with prices seemingly supported by the 38.2% Fibonacci retracement level at $70.57/bbl. and the 200-day moving average further down at $68.50/bbl. The 20-day moving average rose though the longer-dated ma at the start of April and this has added another positive sign on the current chart. The market has moved out of extreme oversold territory and is sitting on the recent bullish trend line.

How to Trade Oil: Crude Oil Trading Strategies & Tips.

Crude Oil Daily Price Chart (June 2018 – April 15, 2019)

Crude Oil Price Latest: Positive Bias on Heightened Political Woes

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on crude oil – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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