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
Wall Street
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
  • What is your forex trading style? Take the quiz and find out:
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets 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:
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage 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:
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here:
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here:
Crude Oil Price Forecast: Rising Rig Count Doesn’t Dent Oil’s Trend

Crude Oil Price Forecast: Rising Rig Count Doesn’t Dent Oil’s Trend

Tyler Yell, CMT, Currency Strategist

Access Free Oil Trading Guide from DailyFX Analysts HERE!

Talking Points:

A strong USD doesn’t appear to be doing the damage to the price of Oil that it has in the past. This week has seen doubts creep in about the probability of the OPEC deal coming to fruition where all 14 members and a few key non-OPEC members like Russia agree to cut production. It is fair to say that the small amount of individual production cuts relative to total capacity could increase the size of the pie and benefit all countries if the price of Oil rises toward ~$60/bbl.

In addition to OPEC doubts, DoE inventory data on Thursday showed an increase in aggregate inventory in the U.S. toward ~5M bbl and Friday saw the Baker Hughes Rig Count rise for the seventh straight week to eight-month highs when it rose by 4 active rigs to a total of 432. Naturally, a further rise in the price of Oil, which will discuss below would likely see the active rig count continue to rise.

Interested In a Quick Guide about OPEC, Click Here

On Friday afternoon, Janet Yellen spoke at the Boston Fed Annual Economic Policy Conference where she gave no hints about the possibility of a December rate hike. Yellen did speak about running a “high-pressure economy,” that could help boost productivity growth and improve the labor market. If she follows through on this view, which could argue for a possibly weaker US Dollar that could further support the price of Oil given the USD and Oil tend to trend in opposite directions.

Trading View D1 Crude Oil Price Chart: Very Hard To Be Credibly Bearish Above Multiple Support Points

Please add a description for the image.

We have long been a proponent of a Bullish or Reverse head and shoulder pattern in Crude Oil that we discussed in our Q4 Oil Forecast. The Bullish pattern could take the once-battered commodity as high as $78/bbl.

Recently, Jeremy Wagner, CEWA-M and Head FX Trading Instructor shared a bullish Elliott Wave pattern for Crude that remains valid if the price of Oil remains above the September 23 high at $46.53. From a positioning point of view, the Daily Sentiment Index as of Wednesday’s Close shows the Futures Market is roughly 67% Bulls, which is a long ways from the topping extremes that come with ~85-90+% Bulls. This could make room for the argument that a breakout could still attract a lot of buyers that could take us toward the ~$70 target.

Key Levels Over the Next 48-hrs of Trading As of Friday, October 14,2016

Crude Oil Price Forecast: Rising Rig Count Doesn’t Dent Oil’s Trend


To receive Tyler’s analysis directly via email, please SIGN UP HERE

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