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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Low
High
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
Wall Street
Mixed
Gold
Bearish
Low
High
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/ImXreWFFFY
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/SbVPuUmpTU
  • 🇮🇹 Consumer Confidence (SEP)Actual: 103.4Expected: 100.8Previous: 101.0https://fxnews.org/?/economic-calendar#2020-09-25
  • 🇮🇹 Business Confidence (SEP)Actual: 92.1Expected: 87.5Previous: 87.1https://fxnews.org/?/economic-calendar#2020-09-25
  • 🇮🇹 Consumer Confidence (SEP)Actual: 103.4Expected: 100.8Previous: 100.8https://fxnews.org/?/economic-calendar#2020-09-25
  • 🇮🇹 Business Confidence (SEP)Actual: 92.1Expected: 87.5Previous: 86.1https://fxnews.org/?/economic-calendar#2020-09-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.91%, while traders in EUR/GBP are at opposite extremes with 67.79%.See the summary chart below and full details and charts on FxNews: https://fxnews.org/?/sentiment https://t.co/vQ8iSnCFKO
  • Heads Up:🇮🇹 Consumer Confidence (SEP) due at 08:00 GMT (15min)Expected: 100.8Previous: 100.8https://fxnews.org/?/economic-calendar#2020-09-25
  • Heads Up:🇮🇹 Business Confidence (SEP) due at 08:00 GMT (15min)Expected: 87.5Previous: 86.1https://fxnews.org/?/economic-calendar#2020-09-25
  • Heads Up:🇪🇺 European Council Special Meeting due at 08:00 GMT (15min)https://fxnews.org/?/economic-calendar#2020-09-25
Crude Oil Weekly Outlook: Crude Oil Stalls Ahead of OPEC Meeting

Crude Oil Weekly Outlook: Crude Oil Stalls Ahead of OPEC Meeting

2020-08-15 00:00:00
Justin McQueen, Analyst
Share:
US Crude oil chart

Source: IG Charts

CRUDE OIL FUNDAMENTAL HIGHLIGHTS:

  • Crude Oil Upside Stalling
  • OPEC Meeting
  • US-China Compliance Review to Set the Tone Early
Oil - US Crude MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -6% 10% 0%
Weekly -9% -13% -11%
Learn how to use Sentiment in your trading strategy
Get My Guide

Crude Oil Upside Stalling

Modest gains for Brent crude futures with a 1% increase (at time of writing). However, with virus concerns remaining in the backdrop, upside has begun to stall for oil prices as the outlook begins to look less bullish. This had been emphasised by OPEC’s recent forecast, in which they downgraded their global oil demand for this year by 400kbpd and 500kbpd for 2021. This also comes at a time where OPEC are looking to continue tapering its production cuts.

OPEC Meeting

Next week OPEC+ JMMC meeting will take place on August 19th. However, as is typically the case with OPEC meetings, sources will likely catch wind of the latest plans regarding the oil market prior to the meeting. In turn, headline risk is likely to be slightly elevated for oil prices in the coming week.

As a reminder, at the prior meeting, OPEC+ had agreed to taper its record production cuts of 9.7mbpd to 7.7mbpd from the beginning of August, which had been line with the original plan. That said, oil prices have remained in a tight range with COVID cases across America and the re-emergence in Europe casting doubts over fuel consumption. Although, with oil prices somewhat broadly stead, it is expected that OPEC+ will take a “wait and see” stance and thus we expect little in way of significant changes to current policy.

US-China Compliance Review to Set the Tone Early

Aside from OPEC, the tone for the oil market is likely to be set early in the week on the fallout from the US-China compliance review of the phase 1 deal (scheduled Aug 15th). In recent weeks, President Trump has stated that the trade deal means less to him, as such, focus may turn towards the rhetoric on several issues around cybersecurity (Huawei, TikTok) as well as geopolitical concerns (namely Hong Kong Security Laws). That said, source reports from the South China Morning Post signal that little is expected in terms of a breakthrough, as such, risk appetite may struggle to begin the week, keeping oil upside contained.

CRUDE OIL CHART: DAILY TIME FRAME

Crude Oil Chart

Source: IG

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

DISCLOSURES