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.

Free Trading Guides
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
Oil - US Crude
More View more
Real Time News
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/f4y1FOOZnM #tradingstyle https://t.co/x5HgYopWc5
  • The USD may rise if the FOMC re-affirms its data-dependent approach and cools 2020 rate cut bets. US retail sales and CPI data may also give the Fed impetus to hold rates. Get your $USD market update from @ZabelinDimitri here: https://t.co/XnDITaDOox https://t.co/A480uVMqF2
  • What tools does the ECB have left to stimulate the Eurozone? Where is the #Euro heading? Find out from Chief Eurozone Economist at Pantheon Macroeconomics Claus Vistesen only on Trading Global Markets Decoded #podcast hosted by @MartinSEssex here:https://t.co/Twr44cZ1GB https://t.co/DXlDH5Cp9e
  • The price of oil extends the advance from the October low as #OPEC and its allies pledge to take additional steps to balance the energy market. Get your crude #oil market update from @DavidJSong here: https://t.co/llGq8yPFH4 #OOTT https://t.co/1OCVOIrK98
  • Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the XAU/USD weekly chart. Get your gold technical analysis from @MBForex here: https://t.co/ovGheRg4MQ https://t.co/ZEQSYktj0w
  • What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/l6FvtcADEH
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/dnrAMFK4U2
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/RMk5Eb5fLU
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/KdpSjQSJ8F
  • #Euro area stocks may be preparing to break the four-month uptrend built around hopes for a US-China trade deal and an orderly #Brexit outcome. Get your market update from @IlyaSpivak here: https://t.co/ujlCJiXLvh https://t.co/INdFtsrTTF
Crude Oil Price Forecast: Drifting Towards Technical Support

Crude Oil Price Forecast: Drifting Towards Technical Support

2019-05-18 05:00:00
Nick Cawley, Analyst

Crude Oil Price - Talking Points:

  • Middle East tensions weigh on crude but with limited impact so far.
  • Crude oil looks to building a range

The DailyFX Q2 Forecasts are available to download including our short- and medium-term look at Oil.

How to Trade Oil: Crude Oil Trading Strategies & Tips

Technical Forecast for Crude Oil: Neutral

The week ahead forecast for crude oil is neutral and likely to stay range bound unless the market receives a major political or economic shock. While both possibilities still exist, the market is seemingly taking recent US-China trade war news and Middle East political fears in its stride.

This weekend OPEC members, without Iran, will meet for a non-technical meeting in Saudi Arabia. This Joint Ministerial Monitoring meeting will discuss current market conditions and compliance and are also likely to debate oil security measures ahead of the June 25 full OPEC meeting in Vienna.

DailyFX analyst Justin McQueen notes that Oil Backwardation is at a Four-Month High.

The technical outlook for oil remains muted in the short-term with a breakout from the recent six-week range - $68.72/bbl. to $74.84/bbl. – unlikely. The current spot price of $72.00/bbl. currently sits above the 38.2% Fibonacci retracement level at $70.56/bbl. and above all three moving averages, adding additional weight to support. The CCI indicator is nearing overbought territory and may act as a lag on further upside momentum in the short-term.

To the upside, oil needs to break and close above the recent ‘double tops’ at $72.76/bbl. and $72.92/bbl. if it is to move higher and attempt to re-take the April 25 high at $74.88/bbl. the highest print since November 1, 2018.

Crude Oil Daily Price Chart – May 17, 2019


8 Surprising Crude Oil Facts

Looking at the four-hour chart, there is a small gap on the April 26 candle between $72.85/bbl. and $73.37/bbl. that may attract interest, although the lower bound may prove difficult to break above in the short-term with the CCI indicator now moving out of overbought territory.

Crude Oil Four-Hour Price Chart – May 17, 2019


IG Client Sentiment data show how traders are positioned in a wide range of currencies, commodities and cryptocurrencies.

Traders may be interested in two of our trading guides, especially in times of volatilityTraits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

Looking for a fundamental perspective on Oil? Check out the Weekly Oil Fundamental Forecast

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


News & Analysis at your fingertips.