Daily Oil Analysis : June 11, 2021 - Demand Optimism Boosts Oil Prices

Today's daily analysis of Oil 11 June 2021, discusses the factors that cause oil price movements. Oil prices had soared and reached their daily high in market trading a few days ago. The increase in oil prices is supported by the optimism of market participants for the recovery of demand for Minhyak Fuel. The U.S. dollar took a hit and weakened against several other major currencies in market trading on Thursday. The weakening of the US dollar currency occurred due to the decline in long-term US government bonds. In addition, the weakening of the US dollar also occurred after the release of inflation data last night. For the price level at the consumer inflation rate (CPI) in the United States, it is reported to have soared. On an annual scale of rising from 4.2% to 5% in May, and higher than the forecast of only 4.7%, this level is the highest level since August 2008. Currently, the meeting of countries that are members of the Group of Seven (G7) will soon begin, as well as a plan for talks between the US and China that focus on vaccine donations. From this discussion plan, market participants will respond positively to this. However, on the other hand, the weakening of the US dollar is also looming because a more detailed investigation into the origin of Covid-19 in China is still ongoing.

Oil Daily Analysis Predictions

Today's prediction in OIL is expected to continue its decline, and the recommended OP (Open Position) is SELL at the level of 69.60. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of Oil on June 11, 2021 regarding the optimism of market participants about fuel demand has increased oil prices. Keep Money Management and Risk Management a priority 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.