Oil Analysis : May 28, 2021 - Decline in Covid-19 in the US Increases Oil

Oil daily analysis for May 28, 2021 today, observing market movements for Oil prices. In Thursday's trading, the price of oil moved up and reached its daily high. The increase in oil prices was supported by a decrease in the number of US weekly unemployment data releases. In addition, the increase in oil prices also received a boost from reports about the number of Covid-19 patients in the US which has decreased. With the decline in patients, market participants expect to raise hopes for global fuel oil demand to increase. For today's market trading, it is estimated that the price of oil will continue to rise. In addition to several factors that cause the increase in oil prices that have been described earlier, the increase in oil prices is also influenced by the start of the holiday season in the US. With the start of the holiday season in the US, it is expected to increase the amount of demand for Fuel Oil. The US dollar began to strengthen compared to other major currencies. The US Central Bank The Fed has succeeded in convincing market participants that the recovery of the US economic growth rate is starting to show a strong foundation, where the surge in inflation that occurred some time ago is only temporary. The release of US economic data for the number of Weekly jobless claims was less than expected. The release of the number of jobless claims was 406K, lower than previous predictions and data of 427K and 444K. Meanwhile, economic growth will accelerate in the first quarter. The focus of market participants is currently waiting for the Core PCE Price Index report which will be released at 19:30 WIB tonight. Market participants also believe that the prospect of US economic growth will move faster towards normal levels after a statement from US President Joe Biden. The U.S. president, according to a report from The New York Times, will propose an economic budget of US$6 trillion, which is aimed at making the U.S. economic growth rate more competitive.

Oil Daily Analysis Predictions

Today's prediction in OIL is expected to continue its rise, and the recommended OP (Open Position) is BUY at the level of 67.45. 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 May 28, 2021 regarding the decline in Covid-19 patients in the US soared 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.