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Brent and WTI Crude Oil

The black viscous derivative drifted slightly lower amid strong economic data from the world’s most powerful economics as rising numbers of COVID-19 caseloads, kept oil traders arbitrarily on the sidelines.

At the time of writing this report, Brent crude, the British based oil contract was trading slightly above $66 a barrel with West Texas Intermediate holding around $63 a barrel.

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Oil traders remain wary and momentarily reduced their buying pressures with the number of deaths globally surpassing 3 million as of April 19th according to Johns Hopkins University data.

Such reports kept crude oil bulls in a very precarious situation, thereby suffering further pullbacks with additional macros pointing to India reporting 261,500 new COVID-19 cases coupled with worrying signs over Western Europe’s lockdown mode impact on the fragile global energy demand.

In addition, a resurging COVID-19 pandemic in Japan a large importer of crude oil triggered more profit-taking moves.

Recent price action reveals that Brent crude bulls are running out of steam, suggest a break below $65 a barrel in the near-term is very likely.

Crude oil bulls are facing a herculean task breaking the key resistance level of $70 a barrel with such prevailing macros despite an impressive rollout of COVID-19 vaccines in key international markets, meaning the bull’s last wall of defense is around the $60 a barrel mark for April.

Oil bears are posting their presence in this sensitive market despite recent impressive economic macros from the United States and China with rising cases of Covid-19 in parts of the world staging a big headache among a significant number of global investors.

Still, oil traders would watch the turn of events playing out between the world’s highest producer of oil, Iran, and Russia, which could trigger more volatility in the coming days amid the relatively weak U.S dollar.

For a look at all of today’s economic events, check out our economic calendar.

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