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
Bullish
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
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • The $AUD has risen in anticipation of a deal Washington and Beijing. But the Australia-China trade relationship has not suffered much and may even have been helped by China’s spat with the US. Get your market update from @DavidCottleFX here:https://t.co/An7h5X0Zcz https://t.co/Rn7mLbS1EF
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 #tradingstyle https://t.co/0Wn4xBL0AY
  • Do you know which type of stock is the right investment for you? Stock types help investors decide on specific #stocks to trade or assist with valuation methods either fundamentally or technically. Learn more about stock types here: https://t.co/yO3JalkqUU https://t.co/RoNdExHAdt
  • The status of the US #dollar as the safe-haven asset of choice remains untouched and any weakness in the greenback is likely to be short-lived. Get your $USD market update from @nickcawley1 here: https://t.co/LO2u38jpUT https://t.co/ctgCJSOeTH
  • #FTSE 100 testing key support as the index lacks a directional bias. #DAX reverses off channel top. Get your indices technical analysis from @JMcQueenFX here: https://t.co/IHF2dgMfg9 https://t.co/2fMTFlOeTR
  • With knowledge of price action, traders can perform a wide range of technical analysis functions without the necessity of any indicators, including management of risk. Build on you knowledge of price action here: https://t.co/9hQA0bsYtt https://t.co/5KQowxuiBf
  • The term ‘Ichimoku,’ literally means ‘one glance,’ in Japanese. Ichimoku, or the one glance indicator, is considered to be a self-contained system in the fact that no additional indicators are necessary. Learn more about the 'one glance' indicator here: https://t.co/T7o7W9C0Ro https://t.co/7bhBfWvEkR
  • Support and resistance are the cornerstone of technical analysis, making it the foundation that you build your knowledge on. Build a stronger foundation here: https://t.co/yXLaRpl90I https://t.co/85JHunf2Xf
  • Many traders ask how a trading method that is 77 years old is applicable today. Learn about the Gartley pattern and see how you can incorporate it into your trading style here: https://t.co/2yPmGH0XvT https://t.co/rtqUKZSdn1
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/ywv7RVP9qY
Crude Oil Price Boosted as Middle East Tensions Escalate

Crude Oil Price Boosted as Middle East Tensions Escalate

2019-05-16 08:31:00
Nick Cawley, Analyst
Share:

Crude Oil Price Chart and Analysis:

  • Middle East tensions ratchet higher.
  • US puts EU, Japanese car tariffs on hold for 6 months.

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

CFTC Crude Oil Speculative Net Positions

Crude Oil Price Boosted as Middle East Tensions Escalate

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

Increased tension between the US and Iran in the Middle East continues to underpin the price of oil as fears grow of supply disruptions and outages. On Wednesday the US issued a travel warning and ordered all non-emergency diplomatic staff to leave Iraq after four ships were attacked of the UAE cost earlier in the week. In addition, a drone attack on a Saudi pipeline was claimed by Houthi rebels, stoking fears further.

Also Wednesday, the US said that it would be delaying its proposed auto tariffs on EU and Japanese cars for six months, sparking a brief risk-on rally. Trade wars continue to dominate global markets and while the US and China remain at loggerheads, any cessation or suspension of trade tariffs elsewhere will be welcomed by markets and investors.

The crude oil price chart remains positive in the short-term with short-term resistance at $72.16/bbl. and $72.80/bbl. attainable targets. A close above these levels would leave the April 24 high at $74.84/bbl. the next target and would take prices back to highs seen over seven months ago. Support is provided by the 38.2% Fibonacci retracement level at $70.56/bbl. before $68.65 and the 200-day moving average at $67.65/bbl. come into play.

Crude Oil Daily Price Chart (July 2018 – May 16, 2019)

Crude Oil Price Boosted as Middle East Tensions Escalate

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

News & Analysis at your fingertips.