Crude Oil Analysis : July 16, 2021 - US Oil Reserves & OPEC+ Lower Oil Prices

Crude Oil analysis today, July 16, 2021, will discuss the causes of oil price movements. In market trading last Thursday, oil prices decreased. The reason for the decline in oil prices is because the US oil reserve report has increased, in addition to that another factor that causes the decline in oil prices is the results of the OPEC+ meeting which will soon agree on a plan to increase production in the market. For today's oil price movement in the Asian session, it is expected to continue its decline. This is still under pressure because if OPEC+ members plan to supply in the market, it is certain that the supply of oil will flood the market. With a lot of supply in the market while global demand is still limited due to the pandemic still hitting countries in the world, oil prices will fall. The greenback rebounded from its lowest level in market trading last Thursday. The strengthening of the US Dollar was supported by the good release of Unemployment Claim data. As is well known, the condition of the US dollar currency has weakened after the statement of Federal Reserve chairman "Jerome Powell" who told Congress that there is no need to rush to change the monetary policy that is currently being implemented, because there is not enough reason to implement it. The US dollar has moved higher in recent weeks, as market participants are optimistic about the outlook for US economic growth. This is due to the view of the Central Bank that has planned when the right time is to raise interest rates next. In addition, regarding the increase in inflation, Powell reaffirmed that it will decline again in line with the Covid-19 pandemic in the US declining and the Fed's promise to create as much business land as possible to accommodate a large number of workers.

Crude Oil analysis today July 16, 2021

Today's prediction in OIL is expected to continue its decline, and the recommended OP (Open Position) is SELL at the level of 71.25. With a Target Profit (TP) of 10 – 20 points and a Stop loss (SL) of 5 – 10 points. This the analysis of Crude Oil today, July 16, 2021, which discusses the movement of Oil, where US oil reserves have increased coupled with the results of OPEC+ which will increase supply in the market has lowered oil prices. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.