The daily oil analysis on March 3, 2021 today discussed oil prices that moved down in trading on Tuesday, this decline occurred due to market participants' expectations regarding the OPEC+ member meeting in the prediction that the results of the meeting would reduce restrictions on world oil supply. The decline in oil prices is predicted to continue today, because the signal will increase US oil reserves by 7.35 million barrels in the API report. For world crude oil demand, it is estimated that it will exceed the existing supply due to the increase in vaccines and distribution, which has been received and implemented quickly and well. Ahead of the virtual meeting of OPEC+ members and non-OPEC members planned for Thursday today. Saudi Arabia and Russia reportedly differ in views on the production cuts promised that had been agreed in the previous year, whether they will be carried out in different amounts or stopped. On the other hand, Russia is predicted to support the increase in supply in the market, while Saudi Arabia is still trying to keep supply limited so that prices in the market rise until global conditions slowly recover due to the pandemic. Meanwhile, non-OPEC members or OPEC+, led by Russia, initially agreed on oil production cuts of 9.7 million barrels per day at a meeting late last year but the mechanism will gradually reduce supply to 7.2 million barrels per day which will begin in January 2021. Saudi Arabia's sincere stance to cut production by 1 million barrels per day starting from February to March 2021, aims to offset the increase in production from Russia and Kazakhstan. The greenback, one of the safe-haven instruments, experienced limited weakness, after bond yields declined in Wednesday's trading. This has led to a shift in market participants to reinvest in other risky assets. The effect of falling US bond yields also had an impact on several other major currencies. However, the Yen and Swiss Franc currencies moved higher and managed to bounce back from their lowest positions that occurred in the previous month. U.S. government bonds have been the center of attention of investors and a market mover for some time. Bond yields coupled with a bill on a US$1.9 trillion fiscal simulus have been the driving force of the market over the past few months and have given the market quite volatility. As a result of the decline in several stocks, Gold plummeted after moving to its highest level and also dragged stocks traded on the Wall Street exchange.
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 59.75. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
| Preference |
BEARISH |
| Target Profit 1 |
59,65 |
| Target Profit 2 |
59,55 |
| Stop Loss 1 |
59,80 |
| Stop Loss 2 |
59,85 |
This the daily analysis of oil on March 3, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of
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