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
More View more
Real Time News
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here:
  • (Sentiment Weekly) S&P 500, Dow Jones Forecast: Retail Investors Intensify Bearish Exposure, Now What? *And recording of today's webinar in the article link below! #SP500 #DowJones
  • 🇯🇵 Coincident Index Final (MAY) Actual: 92.1 Previous: 95.3
  • 🇯🇵 Leading Economic Index Final (MAY) Actual: 102.6 Previous: 103.8
  • Heads Up:🇯🇵 Leading Economic Index Final (MAY) due at 05:00 GMT (15min) Previous: 103.8
  • Heads Up:🇯🇵 Coincident Index Final (MAY) due at 05:00 GMT (15min) Previous: 95.3
  • Crude Oil Prices Risk Forming a “Lower High” on Viral Concerns, Stockpiles Fall
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 94.37%, while traders in Wall Street are at opposite extremes with 75.02%. See the summary chart below and full details and charts on DailyFX:
  • What is your forex trading style? Take the quiz and find out:
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.14% 🇳🇿NZD: 0.04% 🇪🇺EUR: 0.04% 🇦🇺AUD: -0.02% 🇨🇭CHF: -0.03% 🇬🇧GBP: -0.03% View the performance of all markets via
Crude Oil Price Outlook: Strength to Persist as Global Economy Expands

Crude Oil Price Outlook: Strength to Persist as Global Economy Expands

Martin Essex, MSTA, Analyst

Crude oil price, news and analysis:

  • The price of Brent crude oil, the global benchmark, has hit its highest level since April 2019 but there is no sign yet of its advance running out of steam.
  • As always, there could be some consolidation first but oil prices are still trending higher on strong demand, limited supplies and falling stockpiles.

Crude oil still trending higher

The strong climb in the price of Brent crude oil, the global benchmark, looks set to continue although a near-term correction lower first cannot be ruled out. As the two-hour chart below shows, the price has already eased back from an overbought position and after advancing above $70 per barrel there should be good support there, with $75 now in sight to the upside.

Brent Crude Oil Price Chart, Two-Hour Timeframe (May 20 – June 16, 2021)

Crude Oil Price Outlook: Strength to Persist as Global Economy Expands

Source: IG (You can click on it for a larger image)

From a fundamental perspective, oil prices have benefited from the global economic recovery after the slump caused by the coronavirus pandemic, and demand for oil is unlikely to ease off until the world’s central banks decide to tighten monetary policy to avoid a surge in inflation.

Meanwhile, the OPEC+ group of exporters and their allies show no signs yet of easing their current production restraints, and US shale producers also continue to limit supplies.

As for oil inventories, data released Tuesday by the American Petroleum Institute showed a much larger than expected fall of 8.537 million. That compares with the 3m drop expected and the previous 2.108m decline. These figures suggest that the risk for this session’s official figures from the US Energy Information Administration is to the upside; previously analysts were predicting a decline of 3.29m in inventories, a smaller fall than the previous 5.241m.

--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

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