USOil range bound and topped out at $54 for now

USOil, Daily              

USOil pulled back from Thursday’s $54.06 highs, falling to $53.24 lows in London, before recovering to current $53.65 levels. Range trade mentality has continued, keeping the contract inside of a rough $51.00 to $54.00 trading band for over a month now. This is expected to continue until the market gets a better sense of how much upped U.S. shale production is offsetting agreed OPEC production cuts. The next clue on U.S. output comes at 18:00 GMT, when the weekly Baker-Hughes rig count report is released. Recall last week, the report revealed a large 29 rig increase to 551, the most since November of 2015. A break over the $54.00 cap has yet to be sustained.

/ has had a 100% start to 2017 with five trades achieving both Targets 1 and 2 and a four trades hitting target 1 for a total net gain of 3344 pips.


Click here to access the HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our latest webinar and get analysis and trading ideas combined with better understanding on how markets work.

Click HERE to register the next webinar will start in:

Stuart Cowell

Senior Market Analyst


Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.