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
Bearish
Oil - US Crude
Mixed
Wall Street
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
Gold
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
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:https://t.co/7kPzAoNoLG https://t.co/UncdNbcmXm
  • Pfizer and AstraZeneca vaccines are reportedly under accelerated UK reviews
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.27%, while traders in NZD/USD are at opposite extremes with 67.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/BqQRr6AbEp
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/7DvvoE4tpz
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.41% Gold: 0.22% Oil - US Crude: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/NgqT0tF7BZ
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.14% 🇯🇵JPY: 0.13% 🇦🇺AUD: 0.10% 🇳🇿NZD: 0.02% 🇪🇺EUR: -0.06% 🇨🇭CHF: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BthsDnzheC
  • 🇮🇹 Inflation Rate YoY Prel (OCT) Actual: -0.3% Expected: -0.4% Previous: -0.5% https://www.dailyfx.com/economic-calendar#2020-10-30
  • 💶 Inflation Rate YoY Flash (OCT) Actual: -0.3% Expected: -0.3% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2020-10-30
  • 💶 Unemployment Rate (SEP) Actual: 8.3% Expected: 8.3% Previous: 8.3% https://www.dailyfx.com/economic-calendar#2020-10-30
  • 💶 Core Inflation Rate YoY Flash (OCT) Actual: 0.2% Expected: 0.2% Previous: 0.2% https://www.dailyfx.com/economic-calendar#2020-10-30
Crude Oil Price Boosted by Trade Tariff Delay, Technical Support

Crude Oil Price Boosted by Trade Tariff Delay, Technical Support

2019-08-14 08:00:00
Nick Cawley, Strategist
Share:

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

  • The US put recently announced Chinese trade tariffs on the backburner.
  • Technical support under pressure.

Q3 2019 Goldand Oil Forecasts and Top Trading Opportunities

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

Crude Oil Jumps as US-China Trade Tensions Cool

Financial markets turned risk-on mid Tuesday afternoon after the US said that it would postpone putting a 10% tariff on $300 billion of Chinese goods until December 15 from September 1. The move set financial markets moving with risk-off assets, including gold, the Japanese Yen and Swiss France, tumbling while risk-on assets including equities and oil surged. Oil has been under downside pressure of late on fears that the ongoing trade war between the US and China is negatively impacting global growth, cutting demand for oil. While the tariff delay is welcome, unless there is some movement by both sides at talks scheduled in September, yesterday’s announcement may well be just a ‘can-kicking’ exercise by US President Donald Trump.

The weekly chart shows oil being supported by the 200-day moving average, an indicator last broken at the end of December 2018. On the weekly chart this kicks in around $57.75/bbl. and may offer support for oil in the coming weeks. The CCI indicator also shows oil in oversold territory, albeit moving higher.

Crude Oil Weekly Price Chart (May 2015 – August 14, 2019)

Crude Oil Price Boosted by Trade Tariff Delay, Technical Support

How to Trade Oil: Crude Oil Trading Strategies & Tips

On the daily chart, oil is now trading either side of 61.8% Fibonacci retracement at $60.63/bbl. and needs to make a break to decide the next short-term move. The CCI indicator is now mid-market after moving sharply out of oversold territory, while the current spot price is nearing both the 20- and 50- day moving averages between $61.00/bbl. and $63.00/bbl. In the short-term the price may struggle to break appreciably higher.

Crude Oil Daily Price Chart (September 2018 – August 14, 2019)

Crude Oil Price Boosted by Trade Tariff Delay, Technical Support

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.

DISCLOSURES