The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
Oil is back to pre-pandemic levels!
Information is not investment advice
The global recovery increased the demand for crude oil and dragged the price to the pre-crisis levels. It was mainly caused by the vaccine rollout, which improved the overall market sentiment and gave hope to investors that the Covid-19 pandemic will come over soon. Besides, OPEC+ continues cutting oil production, helping to avoid the oversupply. Besides, expectations for extra Biden’s stimulus package added to hopes of a quicker global rebound and boosted oil prices.
Follow crude oil inventories on Wednesday at 17:30 MT time. The market forecast is the drop of 1 million barrels. If actual inventories are less than this forecast, crude oil will jump! Otherwise, oil will fall.
Oil prices have taken a break today after a long rally up. The RSI indicator went above the 70.00 mark, signaling the overbought area. Elsewhere, it has approached the upper trendline of the Bollinger Bands. Therefore, the short pullback to the downside is likely to happen soon, but it shouldn’t go lower the support of $52.00. On the flip side, the move above $60.00 will drive oil to the high of December 2019 at $65.00.
The current oil CFDs are WTI-21H and Brent-21J.
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?
First, "ETH merge" Google requests are on the rise. At the same time, "buy ETH" requests are at their two-year lows, which is quite a negative factor ahead of the vast update. The community either doesn’t believe in the success, or they are following the "buy the rumors – sell the news" rule and waiting for the massive dump after the merge.