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Instrument: OIL
Technical Analysis
Bearish Preference:
A Sell position is envisaged if price trades below price 62.16 with a take profit at price 60.05.
Bullish Preference:
A Buy position is envisaged if price trades above price 63.80 with take profit at price 64.70.
Fundamentals:
No major fundamentals
Comment: OPEC’s crude production plunged last month as Saudi Arabia delivered extra cutbacks intended to clear the remnants of a global supply glut. The Organization of Petroleum Exporting Countries and its allies have been constricting oil supplies since the pandemic crushed demand almost a year ago. To disperse the lingering stockpile surplus, the Saudis pledged extra reductions during February and March. Their efforts have paid off, reviving oil prices back to pre-crisis levels above $60 a barrel in London.
Analysis: SCRUM Team
