Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 67.90 with take profit at 68.27.
Bearish Preference:
Sell position is envisaged if price trades below 66.56 with take profit at 66.05
Fundamentals:
4:30pm USD Crude Oil Inventories
Comment: Oil fell for a third straight session on Wednesday as investors took profits while looking ahead to U.S. inventories data due later in the day for pointers on where prices will head next.
Prices gained support last week from the OPEC+ decision to largely maintain production cuts in April. They then initially jumped on Monday, with Brent rising above $70 a barrel, after attacks by Yemeni Houthis on Saudi’s oil heartland, before settling back as the alarm subsided.
Analysis: SCRUM Team
