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Crude Oil Price Outlook: Correction Lower May Be Short-Lived

Crude Oil Price Outlook: Correction Lower May Be Short-Lived

Martin Essex, MSTA, Analyst

Crude oil price, news and analysis:

  • Gulf OPEC members are reportedly ready to raise output if demand is there, and US crude inventories have risen by more than expected.
  • That has sent crude oil prices lower but they will likely increase again once the correction is over.

Oil prices ease gently

The price of US crude oil is correcting lower Wednesday after a Reuters report, quoting “sources”, that Gulf members of the Organization of the Petroleum Exporting Countries are ready to increase their production – albeit only if the demand is there. The news agency reported that Saudi Arabian output will rise and that producers such as the Saudis could fill any gap in supplies.

Moreover, data Tuesday from the American Petroleum Institute showed a larger-than-expected rise in US crude stockpiles of 6.9 million barrels in the week to April 19. Official data from the US Department of Energy, due at 1430 GMT Wednesday, will now be watched closely for confirmation.

However, the decline in oil prices has been modest and they will likely resume their climb once the correction is over.

US Crude Oil Price Chart, Five-Minute Timeframe (April 23-24, 2019)

Latest US crude oil price chart, five minute timeframe.

Chart by IG (You can click on it for a larger image)

Longer-term, oil prices remain within the upward channel on the charts in place since late December last year and a rise back to the channel resistance line around $66.66/barrel is now a reasonable target.

US Crude Oil Price Chart, Daily Timeframe (December 11, 2018 – April 24, 2019)

Latest US crude oil price chart, daily timeframe.

Chart by IG (You can click on it for a larger image)

More to read:

How to trade crude oil

Crude oil facts

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

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