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Positive dynamics of the oil market

Positive dynamics of the oil market | 02 April 2021

02 April 2021, GBP/USD

Positive dynamics of the oil market

GBPUSD trading plan:

Oil prices surged after news that OPEC+ reached a deal to gradually ease production cuts from May. OPEC+, which comprises the Organization of the Petroleum Exporting Countries, Russia and other allied producers, agreed to ease production curbs by 350,000 barrels per day in May, another 350,000 bpd in June and further 400,000 bpd or so in July. However, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the market’s recovery was “far from complete”. A bullish rally in the oil market will have a positive impact on the value of the British currency, as assets are correlated with each other.

Investment idea: buy 1.3815 and take profit 1.3850.

David Johnson
Analyst of «FreshForex» company
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