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
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • 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:
Crude Oil Prices Eye $75 as Delta Variant Threatens Growth Outlook

Crude Oil Prices Eye $75 as Delta Variant Threatens Growth Outlook

Margaret Yang, CFA, Strategist


  • Crude oil prices snapped a two-day gain amid viral-related growth concerns
  • Unresolved deadlock between Saudi Arabia and the UAE remains a wildcard
  • WTI entered a technical correction, which may pave the way for further gains

Crude oil prices pulled back slightly during Monday’s APAC mid-day session after rising 3.5% over the last two days. The emergence of the Delta variant of Covid-19 is threatening a new round of lockdowns around the world, casting a shadow over the outlook for energy demand. A stronger US Dollar also weighed on commodity prices.

The Japanese government announced a new round of “state of emergency” measures that will cover the entirety of the Summer Olympics Games. Australia’s Delta variant outbreak is worsening too. The country reported the highest number of daily infections on Monday even after Sydney was put into lockdown for three weeks.

The People’s Bank of China (PBoC) unexpectedly eased monetary policy on Friday, underscoring slowing growth momentum as rising raw material prices erode manufacturers’ profit margins. This also warns about a bumpy road ahead for other major oil-importing countries such as Japan and India. That puts Thursday’s release of China’s Q2 GDP data under the spotlight.

Meanwhile, unresolved deadlock between Saudi Arabia and the United Arab Emirates (UAE) remains a wildcard in the oil market. Traders are worried that escalated disputes may reignite a price war among OPEC+ members and hammer oil prices. On the other hand, a resolution may lend support for prices to aim at higher levels. This is because the planned 400k bpd production hike marks only a small fraction of an estimated global supply shortfall of 3 million bpd by the end of this year.

Total OPEC+ Production vs. WTI Prices – Past 5 Years

Crude Oil Prices Eye $75 as Delta Variant Threatens Growth Outlook

Source: Bloomberg, DailyFX

Technically, WTI entered a technical correction that resembles the one that occurred during the end of May (chart below). A healthy pullback may pave the way for prices to challenge higher highs towards $77.4 – the 127.2% Fibonacci extension. A deeper pullback however, may signal a bearish trend reversal.

The MACD indicator formed a bearish crossover and trended lower, suggesting that near-term momentum may be tilted to the downside.

WTI Crude Oil PriceDaily Chart

Crude Oil Prices Eye $75 as Delta Variant Threatens Growth Outlook

--- Written by Margaret Yang, Strategist for

To contact Margaret, use the Comments section below or @margaretyjy on Twitter

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