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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • Italian PM Conte convenes cabinet for Tuesday to inform ministers he is resigning - Cabinet office $EUR Confirming earlier reports
  • Gains on $WTI Crude have stalled out this month below $54.00. The commodity is currently trading around $52.30 after falling to a two-week low late last week. $OIL $USO
  • No notable reaction in BTPs given that resignation from Conte has been touted earlier in order to put together a new government. Also, a resignation does not necessarily mean that a snap election will be the next step as of yet.
  • The retail speculative crowd is throwing around serious weight with GameStop today, but its appetites have been showing through with the likes of Tesla and FAANG before that. The Broader $NDX to $SPX ratio seems to similarly exhibit the charge:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 66.51%. See the summary chart below and full details and charts on DailyFX:
  • AUD/USD still tracks the opening range for January amid the limited reaction to Australia’s Employment report. Get your $AUDUSD market update from @DavidJSong here:
  • The focus will shift as to whether Conte will search for a new parliamentary majority As a reminder, PD Lawmakers noted that they would guarentee support for Conte as head of new government if he resigns $EUR
  • Italian PM Conte is expected to resign as early as Monday - Officials $EUR
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Gold: 0.13% Oil - US Crude: -0.19% Silver: -0.47% View the performance of all markets via
  • BoE Governor Bailey: - Digital innovations in payments are here to stay - Haven't yet landed on the appropriate design for a lasting digital currency - Doesn't think cryptocurrencies are lasting yet #BoE $GBP
Crude Oil Price Slumps After US Increase Chinese Trade Tariffs

Crude Oil Price Slumps After US Increase Chinese Trade Tariffs

Nick Cawley, Strategist

US-China Trade Tariffs, Crude Oil Price, Analysis and Chart:

  • US President Trump ramps up trade tariffs.
  • Oil breaks sharply lower on growth slowdown, demand fears.

Q3 2019 Goldand Oil Forecasts and Top Trading Opportunities

The DailyFX Calendar covers all important market moving data releases and events.

Crude Oil Turning Marginally Higher After Hitting a Six-Week Low

US President Donald Trump turned the pressure up on China in the ongoing trade dispute by announcing a new 10% tariff on the remaining $300 billion of Chinese imports, starting on September 1. The US currently impose a 25% tariff on $250 billion worth of Chinese imports. The latest tariff means that nearly all US imports of Chinese goods now have tariffs. China is expected to respond to the latest move, leaving the trade relations between the world’s two largest economies at a low ebb. Global trade and growth are slumping and this latest move by the US will increase fears of a prolonged economic slowdown. There is also talk that US President Trump is set to make an announcement later today about EU trade with possible auto-tariffs in the wings.

This ratcheting up of the US-China trade dispute sent oil back down to six-week lows with crude oil down nearly 8% on the day at one point. Oil has recovered marginally in early turnover, but Thursday’s sharp move lower has turned the chart negative. The 200-day moving average ($64.75/bbl.) is now acting as strong resistance ahead of the 50% Fibonacci retracement level at $65.60/bbl. To the downside, the psychological $60.00/bbl. level may offer initial support ahead of the June 5 multi-month low at $59.23/bbl.

How to Trade Oil: Crude Oil Trading Strategies & Tips

200-Day Moving Average: What it is and How it Works.

Crude Oil Daily Price Chart (December – August 2, 2019)

Crude Oil Price Slumps After US Increase Chinese Trade Tariffs

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 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.