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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
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
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • 🇺🇸 New Home Sales MoM (SEP) Actual: -3.5% Expected: 2.8% Previous: 3% https://www.dailyfx.com/economic-calendar#2020-10-26
  • SAP down 20%...DAX down 2.5% https://t.co/u10iCcImlT
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.83%, while traders in NZD/USD are at opposite extremes with 72.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NdPD8UksZB
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Gold: 0.04% Silver: -1.18% Oil - US Crude: -2.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ccCknbeGYC
  • Heads Up:🇺🇸 New Home Sales MoM (SEP) due at 14:00 GMT (15min) Expected: 2.8% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2020-10-26
  • There is very little on the economic calendar this week to guide Sterling, while the latest coronavirus numbers show new infections around 20,000 while there have been another 151 fatalities. Get your $GBPUSD market update from @nickcawley1 here:https://t.co/Uj5UYAuwjE https://t.co/IooP7cx5PT
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.04% France 40: -0.73% US 500: -1.05% Wall Street: -1.15% Germany 30: -2.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/3eOsVdmfov
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.84%, while traders in EUR/USD are at opposite extremes with 73.21%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/EwayAGFbnA
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the open of the week! https://t.co/chKtG7waxH
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.02% 🇬🇧GBP: 0.00% 🇦🇺AUD: -0.13% 🇨🇭CHF: -0.29% 🇪🇺EUR: -0.35% 🇨🇦CAD: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/mZiZqBCZLu
Crude Oil Price - US President Trump Stoking Oil Volatility

Crude Oil Price - US President Trump Stoking Oil Volatility

2019-05-07 08:00:00
Nick Cawley, Strategist
Share:

Crude Oil Price Chart and Analysis:

  • US-China trade war escalation dampens oil move higher.
  • US sending a clear message to Iran.

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

US President Donald Trump seems to be driving short- and medium-term oil price movement as US-China trade wars escalate along with heightened political tensions in Iran and Venezuela. And oil now sits just above a noted technical level which could add further volatility into the mix.

Crude oil speculative longs fell last week but still remain close to multi-month highs.

CFTC Crude Oil Speculative Net Positions

Crude Oil Price - US President Trump Stoking Oil Volatility

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

Oil’s recent sell-off on the back of increased trade tension between the US and China, with trade tariffs increased, sent oil spinning lower, only for the move to U-turn after political tensions between the US and Iran and Venezuela, ramped up. The US last night said that it had deployed an aircraft carrier force to the Middle East in response to indications of ‘a credible threat by Iranian regime forces’ towards US forces in the area. The US has also further tightened restrictions on Iran’s nuclear power program in an effort to stop the regime developing a nuclear weapon.

According to media reports, the US is said to be considering imposing further sanctions on Venezuela in an attempt to oust President Nicolas Maduro and replace him with opposition leader Juan Guaido. Further sanctions, and increased hostility in the country will continue to weigh on the country’s oil output.

The daily crude oil chart shows the recent, whippy, price-action with an overall short-term downtrend off the April 26 multi-month high at $74.88/bbl. Crude oil hit a low of $68.65/bbl. yesterday before rebounding and the current spot price is now just above the 38.2% Fibonacci retracement level at $70.56/bbl., a level that has acted as both resistance and support over the last few weeks. If there is a break and close lower, then support should start at the 200-day moving average at $69.95/bbl. ahead of 50% Fibonacci retracement level at $65.59/bbl. Upside resistance should start around $71.66/bbl. yesterday’s high and the 20-day moving average.

Crude Oil Daily Price Chart (July 2018 – May 7, 2019)

Crude Oil Price - US President Trump Stoking Oil Volatility

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.

DISCLOSURES