Brent crude

Iraq already felt confident enough to raise its oil price to its Asian customers, and data out of China suggest that oil demand is improving and should continue to do so.
Oil prices are snapping back on news of another Houthi attack on a Saudi oil facility during a weekend where geopolitical risk factors for oil are rising. 
Not only has Biden offered to call Supreme Leader Ali Khamenei directly, but his administration says it’s ready to lift all sanctions that are inconsistent with the JCPOA nuclear accord. 
Since the break of the sharp oil uptrend, prices have whipsawed, driven by headlines and fear; fear of rising Covid-19 cases that may hurt demand and fear that the Biden administration’s infrastructure plan may never pass. 
Oil prices are recovering from Easter Monday’s huge selloff, which was caused by reasons that were in some cases real, and in other cases imagined.
Oil prices await the outcome of the OPEC+ decision while trying to get a handle on the Biden administration infrastructure plan, along with strong data from China that could increase oil demand expectations.
The market awaits the OPEC+ decision that, at this point, looks like a foregone conclusion as it celebrates the reopening of the Suez Canal. Oil is retreating, as the market is looking at the reopening of the Suez Canal as some type of watershed bearish event.
Reports that the ship had been refloated and freed caused a drop in oil, but prices soon bounced back up as a larger reality sunk in. The truth is that oil and LNG product supplies will be delayed, and that won’t help a market that’s on track to be undersupplied this summer as more Covid-19 vaccinations inspire more demand.
The MV Ever Given container ship is still stuck, blocking the waterway: anywhere from 165 to 185 vessels are waiting to resume trips to their destinations. The longer it takes, the bigger the hit we may see to the global economy.
The sharp selloff in oil looks exhausted and the fact that German manufacturing data blew away expectations will likely ease oil demand worries.