Morning Insights 4th April

Simon Alagbe

Analyst


INSTRUMENT: OILs (BRENT)

The commodity is envisaged to enjoy more support from the worries of tight supplies after Germany point to another round of sanctions on Germany while pausing the deal with Iran. The fresh sanction is coming on the back of accusations that the Russian forces commit atrocities in Bucha town, although the allegation has been denied vehemently by the Russia's defense ministry. 

The US and some other major consuming nations have announced plans to release crude from their strategic reserves in an attempt to stem rising oil prices. 



Technical 

The commodity is expected to surge northward from around the $102 support zone with stop loss below the structural low around $99 and take profit at $108


Fundamentals

No major economic data with bearing on the commodity 

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