Oil prices are correcting after signaling immediate term overbought and touching a six-week high as enhanced restrictions in Japan, Brazil and India are dampening the outlook for the global recovery and subsequent fuel demand with Indian oil imports reportedly falling 1 million barrels per day. Despite the softening demand outlook, WTI is poised for a nearly 8% gain for the month of April, notwithstanding reports of some Chinese port stockpiles at 4-week highs as well as higher Libyan exports. OPEC+ confirmed earlier this week of a gradual easing of production over the course of the next coming months. Crude stocks rose 90k with the yearly deficit increasing to -34.524 million barrels and total stocks down 1.697 million barrels relative to the five-year average, according to the EIA. The market remains bullish trend with today’s range seen between 61.86 – 65.17.

Oil Jun ’21 Daily Chart
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Alexander Turro

Senior Market Strategist
Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.
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