Crude OIL Live News

This page provides live coverage and news analysis on Crude OIL trading

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Oct. 26, 2020

Trend continues: Crude oil down 1.13 dollars to 38.72 adding to its three days of loses

Live - Updated 18 minutes ago.

Crude oil remains in the 38.72 range after starting the session at 39.85 and dropping 1.13 dollars.

Taking a wider perspective, performance of these other symbols usually suggests a setback for crude oil, as USD/ZAR is trading around 16.2989 after starting the session at 16.186 (down 0.7%). USD/MXN is trading around 20.978 after starting the session at 20.874 (down 0.5%).

The nearest resistance level is at 42.53, followed by 66.3 at the next level, support levels are at 33.87, and followed by 26.21 further down.

The market will keep its eye on the following upcoming macroeconomics indicators: Projections for United States Core Durable Goods Orders are set for a continuation of decline of 0.4 while previous data was 0.6, Data will be released tomorrow at 12:30 PM. United States Consumer Confidence is projected to outperform the last figure with 102.5, while it previously stood at 101.8, data will be released tomorrow at 2:00 PM. Today at 2:00 PM, data for United States New Home Sales will be released, with an expected decline to 2.8 from the preceding figure of 4.8.

Oct. 23, 2020

Crude drops to 39.78 (down 85 cents) after starting the day at 40.64,

(22:27) GMT

Oil recovered back almost all the way to 40.64 after dipping down to 39.57.

In contrast, positive data for Oil was reported earlier when United States Initial Jobless Claims beat expectations of 860 with new data release of 787. This is also a step forward from the previous data of 842. United States Existing Home Sales beat expectations of 6.3 with new data release of 6.54. This is also a step forward from the previous data of 5.98.

Meanwhile, data for the United States Services PMI released today at 1:45 PM came out at 56, beating projections of 54.6 and showing improvement over the preceding figure of 54.6.

Positive performance can be seen looking at other symbols, as USD/MXN went down to 20.874 (98 pips).

At the same time, USD/ZAR trades with no major change, around 16.186.

At 40.36, Oil made an initial breakout above the 50 day Simple Moving Average. The nearest resistance level is at 42.53, followed by 66.3 at the next level, support levels are at 33.87, and followed by 26.21 further down.

Oct. 22, 2020

Stable day for Crude oil, parking at 40.62

(22:27) GMT

Crude recovered back to 40.62 after dipping down to 40.59 in a session that started at 40.64.

This limbo state for oil is reflected by market data published as United States Crude Oil Inventories beat expectations of -1.021 with new data release of -1.001. This is also a step forward from the previous data of -3.818. Data for United States Crude Oil Production was released on Wednesday at 2:30 PM, suggests a downwards trend at -1.069, while previous data was 0.078. United States Initial Jobless Claims beat expectations of 860 with new data release of 787. This is also a step forward from the previous data of 842.

Meanwhile, mixed performances were seen elsewhere as USD/MXN dropped to 20.936 (164 pips). USD/ZAR went down to 16.204 (105 pips).

At 40.42, Oil made an initial breakout below the 50 day Simple Moving Average. The nearest resistance level is at 42.53, followed by 66.3 at the next level, support levels are at 33.87, and followed by 26.21 further down.

Data to be released later might clear up some of the fog for crude oil as the United States Manufacturing PMI is projected to outperform the last figure at 53.4, while it previously stood at 53.2, data will be released tomorrow at 1:45 PM. The United States Services PMI figure is projected at 54.6 while it previously stood at 54.6, data will be released tomorrow at 1:45 PM. The United States Composite PMI is set for tomorrow at 1:45 PM.

Oct. 21, 2020

Oil up one cents to 40.05 building up on its three days of gains

(22:27) GMT

With a daily low of 39.98, Crude holds at 40.05 after starting the day at 40.03 and gaining one cent (0.05%).

This limbo state for oil is reflected by market data published as Data for United States Crude Oil Production was released today at 2:30 PM suggests a downwards trend of -1.069, while previous data was 0.078. United States Building Permits fell short of the 1.52 projections, with 1.553 and continued its downward trajectory from the previous figure of 1.476. Data for United States API Weekly Crude Oil Stock released on Tuesday at 8:30 PM came out at 0.584, beating projections of -1.9 and showing improvement over the preceding figure of -5.422.

Meanwhile, mixed performances were seen elsewhere as USD/ZAR went down to 16.3014 (153 pips). USD/SGD trades with no major change, around 1.3538.

At 40.44, Oil made an initial breakout below the 50 day Simple Moving Average. The nearest resistance level is at 42.53, followed by 66.3 at the next level, support levels are at 33.87, and followed by 26.21 further down.

Data to be released later might clear up some of the fog for crude oil as United States Existing Home Sales are projected to outperform the last figure at 6.3, while it previously stood at six, data will be released tomorrow at 2:00 PM. The United States Initial Jobless Claims is projected to outperform the last figure with 860, while it previously stood at 898, data will be released tomorrow at 12:30 PM. United States FOMC Member Kaplan's speech is expected tomorrow at 10:00 PM.

Oct. 20, 2020

Crude hits 41.7, highest rate in 6 weeks

(22:27) GMT

After starting the day at 40.65, Oil rallied to 41.7, hitting its highest point in 6 weeks, It later lost 19 cents and is now trading at 41.51

This limbo state for Oil is reflected by market data published as United States Building Permits fall short of the 1.52 projections, with 1.553 and continued its downward trajectory from the previous figure of 1.476. Data for United States API Weekly Crude Oil Stock released today at 8:30 PM came out at 0.584, beating projections of -1.9 and showing improvement over the preceding figure of -5.422. United States Housing Starts released earlier shows an improvement to 1.415 from the preceding data of 1.388, but falls short of the projected 1.457.

At 40.77, crude oil made an initial breakout above the 5 day Simple Moving Average. The nearest resistance level is at 42.53, followed by 66.3 at the next level, support levels are at 33.87, and followed by 26.21 further down.

Meanwhile, mixed performances are seen elsewhere as EUR/NZD made its biggest single-day jump (190 pips) since May. 15 USD/MXN went down to 21.1092 (94 pips). USD/ZAR went down to 16.4621 (52 pips). The Singapore dollar trades with no major change, around 1.3569.

Data to be released later might clear up some of the fog for crude oil as United States Crude Oil Inventories are projected to outperform the last figure at -0.24, while it previously stood at -3.818, figure will be published tomorrow at 2:30 PM. United States Crude Oil Production is set for tomorrow at 2:30 PM. United States FOMC Member Brainard's speech is scheduled for tomorrow at 12:50 PM. The United States Seevol Cushing Storage Report is excepted tomorrow at 1:30 PM.

Crude oil social media highlights:

Oct. 19, 2020

Trend continues: Crude oil down five cents to 40.77 adding to its four days of loses

(22:27) GMT

Crude recovered back almost all the way to 40.83 after dipping down to 40.64.

This in-between state for Oil is reflected by market data published as the United States NAHB Housing Market Index (Oct) fell short of the 83 projections, with 85 and continued its downward trajectory from the previous figure of 83. The United States 3-Month Bill Auction has been released with a new figure of 0.1, This is down from preceding data of 0.105. The United States 6-Month Bill Auction was released today at 3:30 PM with a figure of 0.115, while the previous figure was 0.115.

Meanwhile, mixed performance are seen elsewhere as USD/MXN trades with no major change, around 21.1917. USD/ZAR trades with no major change, around 16.51.