Oil prices fell early Friday as bond prices broke leading to Dollar gains, as well as the expectation of more supply coming online. Despite the dip in price, the market is poised for a monthly gain of nearly 20% amid domestic supply disruptions as will demand optimism surrounding the vaccine. OPEC+ are expected to allow an increase in output at next week’s meeting given the jump in price as well as improving demand prospects. In addition, a bullish development can be found in reports that Exxon Mobil has seen its total reserves reduced by 33% from the price drop as well as some current outages from the recent winter storm in the Gulf. The market remains bullish trend with today’s range seen between 58.43 – 64.15.

Crude Oil Apr ’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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