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Crude Oil Price Analysis: Oil Prices Lifted on Large Stock Decline

Crude Oil Price Analysis: Oil Prices Lifted on Large Stock Decline

Justin McQueen, Analyst

Oil Price Analysis and News

  • Focus on EIA Report for API Confirmation
  • Risk Sentiment Slightly Softer

Focus on EIA Report for API Confirmation

The oil market is on the front foot this morning, having been given a boost in yesterday’s session, which in turn saw Brent crude futures reclaim the $60/bbl mark. The factor behind the lift in oil prices had stemmed from the latest API crude oil inventory report, which showed a large drawdown in crude stocks of 11.1mln barrels vs. Exp. 2.1mln barrel drop. Consequently, eyes will be on the DoE crude inventory report for confirmation of yesterday’s figure, if matched, this would mark the largest drop in crude stocks since June 21st.

Risk Sentiment Slightly Softer

However, while oil prices have been given a lift from the sizeable stock drawdowns, risk sentiment is slightly softer, thus taking the shine off oil prices. Uncertainty regarding trade wars continues to linger, therefore risks are elevated for a pullback.

Brent Crude Price: Daily Time Frame (Jun 2018 – Aug 2019)

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Oil Impact on FX

Net Oil Importers: These countries tend to be worse off when the price of oil rises. This includes, KRW, ZAR, INR, TRY, EUR, CNY, IDR, JPY

Net Oil Exporters: These counties tend to benefit when the price of oil rises. This includes RUB, CAD, MXN, NOK.

Recommended Reading

What Traders Need to Know When Trading the Oil Market

Important Difference Between WTI and Brent

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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