Analysis Market overview

BRENT overview 02.04.2021

Oil rises amid positive economic news.

Oil continues to rise today – reflecting the broad expectation for further demand growth as the soon to be released payrolls data is expected to show an increase in job creation and a lower unemployment rate for March in USA, as the world’s largest economy maintains a steady recovery from the pandemic – after a third of its adult population was vaccinated. This follows the earlier news that OPEC+ reached a deal to gradually ease production cuts from May. Jennifer Granholm, the new energy secretary, called on OPEC leader Saudi Arabia over policy and said energy should be kept affordable. However, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the market’s recovery was “far from complete.” – which is adding to bullish pressure on oil.

Expect buyers on downward corrections.

Next resistance to watch – 65.36

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