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
Oil - US Crude
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 Building a Base, US Intentions Remain the Key Driver

Crude Oil Price Building a Base, US Intentions Remain the Key Driver

2019-06-19 11:00:00
Nick Cawley, Analyst

Crude Oil Price, Chart and Analysis:

  • Crude oil’s short-term rally in a medium-term negative set-up.
  • US-China trade talks and heightened US-Iran rhetoric will steer the price of oil.

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

Crude Oil Pushes Back After US-China Talks Tweeted

Tuesday’s crude oil pull-back was fueled by talk that trade protagonists China and the US are set to resume talks next week, potentially easing trade war tensions that have weighed on the global economy over the last year. In a tweet, US President Donald Trump said that he had a ‘very good conversation with President Xi of China’ and that ‘we will be having an extended meeting next week at the G-20 in Japan’. The US-China trade war has frequently been cited as one of the main reasons that global growth has slowed, and any further positive language or action will continue to give oil an uplift.

The recent oil tanker attacks in the Gulf of Oman have heightened tensions between the US and Iran in recent days with the US yesterday announcing that they would be sending an additional 1,000 troops to the Middle East, fueling further concern of conflict with Iran. The Strait of Hormuz, a narrow stretch of water between the Persian Gulf and the Gulf of Oman is one of the most important oil trading routes with over 30% of liquified gas and around 20% of total global oil production passing the strait. Any further flashpoints in the area would push oil prices sharply higher.

Oil currently trades around $61.30/bbl. and has bounced off the $59.20/bbl. area a couple of times already in the last two weeks. This area protects levels last seen in mid-January this year. There is a 61.8% Fibonacci retracement level at $60.63/bbl. which is currently in play and may slow down any further move lower. While the short-term outlook is mildly positive, oil remains under all three moving averages and needs to trade and close $63.70/bbl. to start to build bullish momentum. The 200-day moving average and the 50% Fibonacci retracement converge between $65.18/bbl. and $65.60/bbl.

How to Trade Crude Oil: Trading Tips and Strategies

Crude Oil Daily Price Chart (July 2018 – June 19, 2019)

Crude Oil Price Building a Base, US Intentions Remain the Key Driver

IG Client Sentimentdata shows how traders are positioned in a wide variety of asset classes and how daily and weekly shifts can affect market sentiment.

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.


News & Analysis at your fingertips.