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Market Mood USOIL 06.01.21

Market Mood USOIL 06.01.21

Market Mood USOIL 06.01.21

in Daily Forecasts

Listen to the latest market mood for the USOIL.

OPEC+ agreed for Russia and Kazakhstan to raise output by a total of 75K bpd in February and another 75K in March. Saudi Arabia surprised oil markets by announcing a voluntary 1mln bpd cut. This resulted in strength for oil and should find buyers on the dips today.

Therefore, expect oil buyers on pullbacks.

Trade Risks: The main risk to this trade is from a more optimistic FOMC minutes tonight which could strengthen the USD.


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Disclaimer: Any opinions made may be personal to the author and may not reflect the opinions of HYCM. All expressions of opinion are subject to change without notice. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by an employee of HYCM, a third party or otherwise. Past performance is not an indication of possible future performance. Without the approval of HYCM, reproduction or redistribution of this information isn’t permitted.

Legal Information: HYCM is the trading name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Limited and Henyep Capital Markets (DIFC) Limited for which the Henyep Capital Markets group is holding company and its assets are a controlling equity interest in them.

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