Energy

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. 
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.