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The bullish rally in the oil market

The bullish rally in the oil market | 01 September 2021

01 September 2021, GBP/USD

The bullish rally in the oil market

GBPUSD trading plan:

Over 1.7 million barrels per day of oil production and 2.11 billion cubic feet per day of natural gas output remain shutting in the U.S. side of the Gulf of Mexico after Hurricane Ida forced the evacuation of hundreds of platforms, the Bureau of Safety and Environmental Enforcement said. The shut-ins are equivalent to 94% of crude and natural gas output suspended, as 278 platforms and nine rigs remain evacuated. Another four rigs have been moved off the storm's path, the regulator said. This is a positive signal for oil prices. The bullish rally in the oil market will have a positive impact on the value of the British currency, since assets are correlated with each other.

Investment idea: buy 1.3740 and take profit 1.3810.

David Johnson
Analyst of «FreshForex» company
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