WTI continues to consolidate in the $ 59.50- $ 60.00 range. The strengthening of oil restrains the risks of a slowdown in the pace of global economic recovery associated with a worsening epidemiological situation in large economic regions.
Nevertheless, there are factors to support “black gold” on the market. Thus, according to the Energy Information Administration, the US oil reserves fell by 3.5 million barrels during the week, while the stocks of gasoline and diesel fuel increased by 5.5 million barrels, while the demand for gasoline decreased. This surprised analysts, since gasoline consumption in the country traditionally grows during the Easter holiday.
In addition, according to the report, the volume of oil production in the United States fell by 200 thousand barrels per day to 10.9 million barrels per day.
Despite the third wave of the pandemic in a number of countries, investors are confident that the situation last year will not repeat itself, especially since the American economy is giving good signals of growth and will soon become, along with China, a locomotive for strengthening the global economy.
The International Monetary Fund has already improved its forecast for US GDP growth from 5.3% to 6.4%.
We believe that market optimism will bring oil back to an uptrend and propose to include it in the trader’s diary pending order to buy WTI
Buy-stop 60.00 take-profit 63.10 stop-loss 59.10