Jakarta, GIC Trade – Crude oil prices in the Asian session were observed to rise to a three-week high after China took covid-related policy measures and cold weather across the U.S. prompted the closure of refineries in the Gulf of Texas. West Texas International (WTI), which is the benchmark for US crude prices, is trading at $80 per barrel after Beijing announced that it would not require incoming tourists to quarantine from January. Meanwhile, the extreme winter in the US has forced the two largest oil refineries in the US, Motiva Port Arthur and Marathon Galveston Bay to stop producing gasoline and diesel. Where more than 1.8 million barrels per day of Texas oil refining capacity has been ruled out amid these conditions.
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Crude Oil Prices Touch Today's High, US Dollar Weakens!

Oil Daily Analysis : 30 March 2021

Ahead of UK Inflation, US Retail Sales, GBPUSD Struggles to Reach 1.1900!

A deadly snowstorm paralyzed the city of Buffalo, New York, on Christmas Day, trapping motorists and rescue workers in their vehicles. In addition, the event also left thousands of homes without power and increased the death toll from the storm that has cooled much of the United States for days. Airlines have also canceled nearly 2,700 U.S. flights as of Saturday afternoon after weather disrupted airport operations across the country. On the other hand, a weaker greenback also supported black gold's soaring, as a weaker dollar makes oil prices more bearable for holders of other currencies and usually reflects greater investor sentiment towards risky assets. Fundamentally, the increase in crude oil prices is still quite high amid the cessation of production and also the possibility of an increase in demand from China. Then how technically, see the following analysis: Technical Analysis Oil Crude oil prices are still in an upward trend, which can be seen from the rising low prices and also the rising high prices. In addition, the lower BB line shows an upward movement, indicating a further increase.
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Crude Oil Below Highs, Markets Weigh Demand

World Crude Oil Gains At $76.00 As Dollar Bullish

Oil Daily Analysis : December 16, 2020

Nevertheless, it should be noted that the RSI indicator that is already in the overbought area hints at a correction before continuing the increase. To change the bias to bearish, it is necessary to break the 79.85 area for black gold, falling further to the level of 77.75. This analysis is a fundamental and technical view used by the author, not a suggestion or invitation. registrasi