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
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Crude Oil Price Outlook Weakens, Stock Markets Sink on Trade Fears

Crude Oil Price Outlook Weakens, Stock Markets Sink on Trade Fears

2019-05-23 11:03:00
Nick Cawley, Analyst
Share:

Crude Oil Price Chart and Analysis:

  • Crude oil dips below $70.00/bbl. as trade tensions rattle risk markets.
  • Short-term chart breakdown, six-week low in sight.

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

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

Crude oil continues to drift lower, dragging equity markets down in its wake, on a combination of rising US oil output and heightened US-China trade war concerns. The latest move lower has broken the recent uptrend and further losses cannot be discounted.

Global equity markets are a sea of red Thursday as investors continue to shed riskier assets. A backdrop of growing fears that US-China trade negotiations are going nowhere continue to weigh on global growth expectations, with some equity markets nearing multi-week lows.

DAX 30 and CAC 40 Technical Update: Support Patterns to Watch

Crude Oil Price Outlook Weakens, Stock Markets Sink on Trade Fears

The latest US crude oil inventory data showed increased output and weaker demand, weighing on oil, with the US crude inventories rising to their highest levels in just under two years. The ongoing glut in US oil is being partially offset by ongoing OPEC production cuts which are likely to be extended into H2.

WTI vs Brent: Top 5 Differences Between WTI and Brent Crude Oil

Crude Oil Price Outlook Weakens, Stock Markets Sink on Trade Fears

The technical picture for oil is suggesting marginally lower prices with support from the 38.2% Fibonacci retracement level at $70.56/bbl. broken on Wednesday. Oil has also fallen through the recent uptrend off the May 6 low around $68.76/bbl. and this low now becomes the next downside target. Below here the 200-day moving average at $67.30/bbl. comes into play. The CCI indicator has moved into oversold territory and this may stem, or slow down, current negative price sentiment.

Crude Oil Daily Price Chart (July 2018 – May 23, 2019)

Crude Oil Price Outlook Weakens, Stock Markets Sink on Trade Fears

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.