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. See our updated Privacy Policy here.



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
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
More View more
Real Time News
  • Heads Up:🇯🇵 BoJ Quarterly Outlook Report due at 03:00 GMT (15min)
  • Heads Up:🇯🇵 BoJ Interest Rate Decision due at 03:00 GMT (15min) Expected: -0.1% Previous: -0.1%
  • US crude is down another 2.2 percent in early Asia trade. We are on pace to break below the 20-day moving average (and 20-day support) for the first time in 43 trading days. There those the default risk appetite run...
  • Futures have their own set of characteristics and appeal to different types of traders and investors for a variety of reasons. Get your free trading guide and learn to trade the markets with futures here. Download your guide today!
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.20% Silver: 0.08% Oil - US Crude: -2.11% View the performance of all markets via
  • The 2022 forecast for Fed Fund futures has surged to its highest on record (fully pricing in two 25bp rate hikes) and you can see it in the 2-10 Treasury yield spread this past session:
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.20% 🇨🇭CHF: 0.06% 🇪🇺EUR: 0.05% 🇬🇧GBP: -0.02% 🇨🇦CAD: -0.06% 🇦🇺AUD: -0.19% View the performance of all markets via
  • Wow, Australian 2-year yield jumps to highest since March 2020 in incredible surge (+62%) as #RBA withholds from defending the 2024 yield target today? (3Y up too) This is raising speculation the CB could be rethinking YCC Australian Dollar could not be bothered #AUD $AUDUSD
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.56%, while traders in AUD/JPY are at opposite extremes with 74.09%. See the summary chart below and full details and charts on DailyFX:
  • The US Dollar might be stabilizing against ASEAN currencies as inflationary woes resurface ahead of GDP and PCE data. Amazon, Apple and Facebook earnings may also drive sentiment ahead. Get your market update from @ddubrovskyFX here:
Crude Oil Price Outlook: WTI Edges Above Recent High, Will it Break Out?

Crude Oil Price Outlook: WTI Edges Above Recent High, Will it Break Out?

Peter Hanks, Strategist

Crude Oil Forecast:

  • Crude oil has edged higher in the last ten days as risk-sensitive assets regain their footing
  • Now, the commodity nears its 200-day simple moving average and horizontal resistance
  • Will fresh highs translate to further bullishness and a continuation higher?

Crude Oil Price Outlook: WTI Edges Above Recent High, Will it Break Out?

Risk-sensitive assets have been on the road to recovery following the aftermath of the June 10 Fed meeting, with crude being one of the assets that has returned to surpass recent highs. As a result, the commodity has moved within reach of a few important technical barriers that may give pause to an attempted continuation. Either way, the fate of crude likely rests in the hands of broader risk appetite, which has recently been susceptible to quick pullbacks as investors juggle covid concerns with economic stimulus.

Crude Oil Price Chart: Daily Time Frame (December 2018 – June 2020)

crude oil price chart

With that in mind, crude’s price outlook is heavily tied to economic activity projections as an indicator of demand. Thus, any indication that a second coronavirus wave might spur a secondary lockdown period could also seriously undermine crude prices with little notice. As it stands, however, recent manufacturing PMI data has offered an encouraging tailwind regarding economic production, so immediate concerns may be soothed in that arena but the risk will remain.

Therefore, it seems crude is at the mercy of market sentiment in the days ahead. If bullish appetite persists, possible resistance around the $41.11 mark might act as an early barrier which is closely followed by the 200-day simple moving average around $43.50. Together, the technical levels should look to fight off bullish intentions, but the recent higher-high is an encouraging technical sign to be sure.

If surpassed, the levels may pave the journey higher for an eventual attack of the psychological $50 mark. On the other hand, crude oil might enjoy buoyancy near the $35.00 mark which has seemingly offered assistance to price in the past. In the meantime, traders should track broader changes in risk appetite for clues regarding crude oil’s recovery prospects while taking advantage of technical levels to provide attractive risk-reward set ups.

--Written by Peter Hanks, Analyst for

Contact and follow Peter on Twitter @PeterHanksFX

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