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
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
  • Although the medium-term outlook remains negative, Bitcoin could make a bullish move in the coming days if prices manage to hold above key support in the $29,150/28,600 region. Get your #Bitcoin forecast from @DColmanFX here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here:
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:
  • AUD/USD is likely to face increased volatility over the coming days as it faces a batch of key event risks going into the end of July. Get your Australian Dollar forecast from @DavidJSong here:
  • The US Dollar outlook against ASEAN currencies like the Singapore Dollar, Thai Baht, Indonesian Rupiah and Philippine Peso remains bullish amid capital outflows risks as Covid cases swell. Get your market update from @ddubrovskyFX here:
Crude Oil Price Gains May Be Overdone as Short-Term Risks Remain

Crude Oil Price Gains May Be Overdone as Short-Term Risks Remain

Justin McQueen, Analyst

Crude Oil Price Analysis & News

  • Oil Extends Gains on API Drawdown
  • Short Risks Do Remain with Upside Somewhat Exhausted

Vaccine Prompts Oil Rally: The COVID vaccine breakthrough has been a significant development for the initial outlook in the oil complex with both Brent and WTI crude futures so far posting a 13% rise this week. In turn, Brent has hit a 10-week high having briefly broken above $45 with gains also exacerbated by a bout short covering. Elsewhere, API crude oil inventories saw a 5.1mbpd drawdown against expectations for a 900kbpd drop keeping oil prices buoyed throughout today’s session, which also follows on from reports by the EIA that US crude production is expected to show a larger drop than previously expected.

Rising Libyan Production: However, while recent developments have been very encouraging for the oil market, there are still concerns in the short-term regarding lockdown risks across Europe, while rising Libyan oil production is a risk on the supply front which is now reported at 1.1mbpd and now looks on course to rise to 1.3mbpd by the end of the year. That said, there is a risk in chasing oil prices higher from current levels.

Brent Crude Technicals: Initial topside resistance is situated at 45.18, which represents the OPEC price war gap. While a break above puts 45.50-55 in focus, given that gains look somewhat exhausted short term risks are for a pullback towards 44.50 initially before a retest of the 44.00 handle.

Brent Crude futures: Daily Timeframe

Crude Oil Price Gains May Be Overdone as Short-Term Risks Remain

Source: Refinitiv

Daily Brent Crude Pivot Points

Crude Oil Price Gains May Be Overdone as Short-Term Risks Remain

Source: Refinitiv

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