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Crude Oil Prices Spike Lower as WTI Crude Breaks Below $65

Crude Oil Prices Spike Lower as WTI Crude Breaks Below $65

Justin McQueen, Strategist

Oil Price Analysis and News

  • Oil Prices Spike Lower with WTI breaching $65
  • Brent drops to support at $72.75

WTI and Brent crude futures have both come under notable selling pressure in recent trade with WTI breaking below the $65 to lows of $64.30, while Brent crude futures are down over 1.3%, with losses curbed by the 61.8% Fibonacci retracement at $72.75. Oil prices have eased in recent sessions with OPEC members stating that they would replace the drop in Iranian crude exports, while the latest US oil inventory data showed a weekly build (Full story). Consequently, Brent crude has dropped near 3% since failing to test the $75 handle. However, with the fundamental outlook little changed over the past 24hours, the recent move looks to be technical, given that the fundamental outlook continues to provide a constructive outlook for oil prices.

Aside from the oil market specifically, risk sentiment has been slightly softer with Eurozone equity markets edging lower following a slew of softer earnings from the likes of Deutsche Bank and RBS. Consequently, US equity futures are trading with modest losses this morning (-0.2%).

Brent Crude Price: 5-Minute Timeframe (Apr 25th – Apr 26th)

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WTI Crude Price: 5-Minute Timeframe (Apr 25thApr 26th)

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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.

Recommended Reading

What Traders Need to Know When Trading the Oil Market

Important Difference Between WTI and Brent

Crude oil facts

--- 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.

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