Oil Daily Analysis : 07 April 2021

The daily oil analysis on April 7, 2021 will discuss the movement of oil prices in market trading last Tuesday (April 06, 2021) which declined, the decline in oil prices was due to the discourse of easing production from OPEC and Iran. It is assumed that with the easing that occurs, there will be a lot of availability of oil in the market while world demand is still unstable, the impact of which is still struggling between the handling of the Covid-19 pandemic and the use of vaccines that are suitable for use in dealing with the surge of Corona patients in all countries in the world. However, market participants are focused on the release of American Crude Oil Inventories data which will be released tonight at 21:30 WIB. It is predicted that U.S. oil reserves will decrease by around -2.0 million barrels while reserves in the previous period were -0.9 million barrels. The market's belief that the decline in American oil reserves data will not make oil price movements increase, this is because of OPEC's discourse that will loosen its production, so that even though the decline in American oil reserves is quite large, it is still covered by the large amount of oil reserves in the market. The US Dollar currency has been moving weaker in trading for several days. The weakening of the US dollar was caused by the decline in the yield of US bonds with a tenor of 10 years. In addition, the weakening of the US Dollar is also burdened by the profit-taking actions carried out by market participants after the strengthening of the US Dollar in the last 2 weeks. The sentiment of market participants occurred due to the release of US service activity data has reached a record high. In addition, China's service sector data has also experienced a sharp increase, where the number of sales levels has increased sharply for almost 3 months. On the one hand, there is a plan to ease the post-lockdown in the UK which is planned to be carried out on April 12, 2021, where the UK will reopen business sectors including retail sellers, supermarkets or shops, physical exercise facilities or fitness centers, beauty facilities including hair salons, and also outdoor hospitality areas. But on the other hand, there is a stricter lockdown imposed in India due to the increase in infections caused by the Corona virus and the lockdown that is still in place in most countries in Europe. The number of deaths according to Reuters caused by the Corona virus worldwide has reached above 3 million people. The results of this data are increasingly making countries in the world compete to make vaccines and distribute and carry out vaccinations quickly and in a targeted manner, so that the number of Covid-19 pandemic sufferers can be suppressed and ended.

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 59.00. 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 April 07, 2021. 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.