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
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
Oil - US Crude
Wall Street
More View more
Real Time News
  • $EURUSD Daily Pivot Points: S3: 1.086 S2: 1.0957 S1: 1.0999 R1: 1.1096 R2: 1.1149 R3: 1.1245 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The $AUD has rallied in recent weeks after suffering a drastic decline in early March. Get your AUD/USD market update from @PeterHanksFX here: https://t.co/nnuy427Lpo https://t.co/xqxkYlgr9G
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.34% 🇬🇧GBP: -0.43% 🇨🇭CHF: -0.46% 🇳🇿NZD: -0.72% 🇨🇦CAD: -0.92% 🇦🇺AUD: -0.98% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4tVJt0bBP4
  • RT @federalreserve: To ease strains in the Treasury market resulting from the coronavirus and increase banking organizations’ ability to pr…
  • RT @BloombergNRG: Oil company executives reeling from a massive drop in prices were set to meet with President Donald Trump Friday as the a…
  • @ZabelinDimitri Many thanks for the endorsement, friend!
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 3.79% Gold: 0.71% Silver: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fZiemTmXMh
  • $USDJPY Daily Pivot Points: S3: 105.93 S2: 106.9 S1: 107.44 R1: 108.41 R2: 108.84 R3: 109.8 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • This is one of those "you need to read this article right now" pieces. See my colleague @RichDvorakFX's insights⬇️ https://t.co/u2tmgTgLOx
  • Stock Market Forecast - via @DailyFX: Despite unprecedented Fed liquidity and fiscal stimulus measures, a recession is likely unavoidable as economic turmoil caused by #COVID19 mounts, which might strong-arm the #stockmarket even lower. Full Analysis: https://www.dailyfx.com/forex/fundamental/article/special_report/2020/03/28/stock-market-forecast-recession-likely-unavoidabe-amid-virus-fallout.html https://t.co/fA30bUB9sm
Crude Oil Price Outlook Worsens Again After Bearish IEA Report

Crude Oil Price Outlook Worsens Again After Bearish IEA Report

2020-02-13 11:00:00
Martin Essex, MSTA, Analyst

Crude oil prices, news and analysis:

  • After a period of relative stability for crude oil prices so far this month, the outlook has deteriorated.
  • The International Energy Agency predicts the first quarterly decrease in global oil demand in more than a decade because of the coronavirus outbreak.

Outlook poor for crude oil prices

The price of US crude oil, which has been relatively stable so far in February after dropping sharply the previous month, looks to be under downward pressure again after a downbeat report from the International Energy Agency. According to the IEA, global oil demand in the first quarter of 2020 could fall by 435,000 barrels per day year-on-year, its first quarterly contraction in more than a decade.

It has also cut its oil demand growth forecast for 2020 as a whole by 365,000 bpd to 825,000 bpd – the lowest since 2011 – because of the coronavirus outbreak. For US crude oil that means a drop back below $50 per barrel is now on the cards.

US Crude Oil Price Chart, Four-Hour Timeframe (January 3 – February 13, 2020)

Latest crude oil price chart.

Chart by IG (You can click on it for a larger image)

Oil Forecast
Oil Forecast
Recommended by Martin Essex, MSTA
Get Your Free Oil Forecast
Get My Guide

Oil demand in China has dropped already because of the virus and the Organization of the Petroleum Exporting Countries has lowered its 2020 demand forecast for its crude by 200,000 bpd, prompting expectations that OPEC and its allies including Russia could agree further supply cuts when they next meet, possibly later this month.

Meanwhile, US crude inventories in the week to February 7 increased by a higher than expected 7.5 million barrels to 442.5 million barrels, the Energy Information Administration said Wednesday.

Oil - US Crude MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 4% 10% 5%
Weekly 51% 15% 45%
What does it mean for price action?
Get My Guide

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below

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


News & Analysis at your fingertips.