Oil Daily Analysis : June 04, 2021- US Oil Stocks Rise Oil

Oil daily analysis for June 04, 2021 today, for oil price market movements. The movement of oil prices in Thursday's trading, has moved and touched its daily high. The increase in oil prices occurred as a result of reports that the number of US crude oil reserves has decreased, this is according to a report from the Energy Information Administration (EIA). For today's market movement in the Asian session, it is predicted that oil prices will try to decline. The decline in oil prices is due to profit-taking actions carried out by market participants. The focus of market participants today is the release of American data, namely data on the number of jobs and the number of monthly unemployed as well as the amount of hourly wages. These three data are planned to be released at 19:30 WIB. The greenback is starting to show its mightover against several other major currencies. The strengthening of the US dollar occurred in trading last Thursday, the impact of the good release of American economic data. The strengthening of the US Dollar had touched its highest level for 3 weeks. The data release is ADP Non-Farm Employment Change which was released 978K above the prediction and the previous period which was only 645K and 654K. This further clarifies the economic recovery from the Covid-19 pandemic. On the other hand, the release of economic data on Weekly Unemployment Claims (Unemployment Claims) has decreased and is better than previous predictions and data. The number of residents who claim to have lost their jobs per week was released at 385K while the prediction was 400K and last week was 405K. According to the report, the Fed has also begun to reduce the amount of some of its asset purchases, which indicates that the Central Bank will soon carry out its quantitative easing. One of the Fed officials from New York state informed that it will soon start a gradual reduction in assets.

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 68.30. 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 04, 2021 regarding the decline in US oil reserves, increasing 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.