Crude

Just as oil looked poised to break out and run, Covid-19 realities sunk in as demand fear started to raise its ugly head. A surge in cases in India and an announcement that Prime Minister Modi was going to give a speech addressing the issue caused oil bulls to panic.
Oil prices are fluctuating in a bull flag mode as Joe Biden's foreign policy is adding to global risk factors, along with a 5.9 magnitude earthquake in southern Iran that’s damaged a critical oil facility and disrupted production.
Oil bulls are back, and strong oil demand numbers have put bulls back in the driver's seat. Not only did we see encouraging data from the Energy Information Administration (EIA), but from the U.S. Department of Transportation, as well.
Not only is the IEA raising their demand forecast, they’re also calling on OPEC to increase output by almost 5 million barrels of oil per day.
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. 
No matter where you are in your progress, extended weekends, especially at the end of a month and end of the quarter, are a great time to look back at your recent results.
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.