Oil market review of April 13, 2021
On Tuesday, Brent is growing and since the beginning of trading has added 0.4%, rising to the level of $ 63.54.
The “black gold” is supported by the growing tensions in the Middle East, where the Yemeni Houthis fired on Saudi Arabia’s oil infrastructure the day before.
Also, optimism remains a long-term factor in supporting oil prices, associated with an increase in the rate of vaccination and an improvement in the geopolitical epidemiological situation.
On Sunday, Jerome Powell expressed hope that the growth rate of the United States economy will accelerate in the coming months. The words of the head of the Federal Reserve System on the eve of the holiday season and increased demand for motor fuel have raised expectations of an increase in demand for oil and petroleum products.
In addition, China’s economic statistics are on the side of buyers. According to the PRC Customs Administration, in the 1st quarter, the volume of exports and imports exceeded the indicators of 2018 and 2019, and the volume of foreign trade increased by 29.2% compared to the same period last year. International trade is expanding as the global economy recovers.
The US Consumer Price Index is out today. The indicator is projected to reach 2.4%, a record high in 10 years. If expectations are confirmed, the news may trigger a sell-off in the dollar, which will support the rise in commodity prices.
We continue to hold long positions in Brent and propose to include a new buy order in the trader’s trading plan
Buy-limit 63.20 take-profit 66.10 stop-loss 62.50