Skip to content
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
Crude Oil Price: Rebound Loses Steam Below 55.00

Crude Oil Price: Rebound Loses Steam Below 55.00

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude Oil Prices Snap 5-Day Win Streak as Rebound Loses Steam
  • Near-Term Chart Support Now Just Sits Below $48/Barrel Figure

Crude oil turned sharply lower after finding resistance below the $55/barrel figure, snapping a five-day winning streak that brought prices to the highest level in over a month. As we noted previously, the upswing from Augusts’ lows appeared to be corrective, owing to short-covering more so than new buying interest. The last leg of the advance appeared particularly suspect, following on the heels of a knee-jerk reaction to a seemingly innocuous refrain in OPEC’s monthly bulletin.

Near-term support now looks to be at 47.82, the 23.6% Fibonacci expansion. A break below this barrier on a daily closing basis opens the door for a test of the next downside threshold at 43.82, the 38.2% level. Resistance comes in at 50.29, marked by the 14.6% Fib, with a move back above that clearing the way for another test of the August 31 swing high at 54.29.


02 SEP 2015, 14:30 GMT – DOE US Crude Oil Inventories – Expected: n/a, Prev: -5452K

02 SEP 2015, 18:00 GMT – Federal Reserve Publishes Beige Book

03 SEP 2015, 11:45 GMT – ECB Interest Rate Decision – Expected: 0.05%, Prev: 0.05%

04 SEP 2015, 12:30 GMT – US Nonfarm Payrolls (AUG) – Expected: 220K, Prev: 215K

--- Written by Ilya Spivak, Currency Strategist for

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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