Oil Daily Analysis : April 28, 2021 - Global Demand Recovery

Daily analysis of Oil on April 28, 2021 is predicted to gradually move up in trading on Tuesday, due to the picture of global economic recovery and the plan that OPEC will review the plan to increase production. In trading on Wednesday, April 28, 2021, it is estimated that oil prices will still try to rise. OPEC+ members are predicted to still maintain their plan to reduce their oil production which will start on May 1, 2021, this plan slightly overrides the effects of the increase in Covid-19 cases in India. The OPEC+ member meeting that took place on Monday has given a statement of concern about the surge in Covid-19 cases, but still maintained its prediction of the level of world oil demand unchanged. The result of the OPEC+ meeting is that oil production will be slightly reduced starting May 1. This plan was agreed before the surge of the Corona virus in India. Russian Deputy Prime Minister Alexander Novak said that the situation in the oil market was "positive and global demand for oil is starting to recover", despite the rapid spread of the coronavirus in India and Latin America is very worrying. India is one of the world's third-largest importers of crude oil. India has recorded an increase in the number of Covid-19 patients by 300,000 cases per day and a total of nearly 200,000 deaths. The US dollar is starting to show signs of strengthening compared to other major currencies in today's Asian session. This is supported by the return of US government bond yields for long-term tenors this morning. However, market participants are still cautious ahead of the Fed's meeting agenda and policy delivery in the early hours of the morning, which is expected to still be dovish.

Daily Predictions Oil Analysis

 
Today's prediction in OIL is expected to continue its rise, and the recommended OP (Open Position) is BUY at the level of 63.20. 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 28, 2021 regarding the beginning of the recovery of global demand to increase 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. Keep prioritizing Money Management and Risk Management.