Daily Market Analysis 17|03|2021: OIL

Instrument: OILs

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 69.30 with take profit at 69.69.

Bearish Preference: 
Sell position is envisaged if price trades below 68.06 with take profit at 67.56.

Fundamentals:
3:30PM USD Crude Oil Inventories
7PM USD FOMC Statement
7:30PM USD FOMC Press Conference

Comment: Oil prices climbed on Wednesday as investors weighed a recovery in U.S. refinery activity as industry data showed U.S. crude stockpiles unexpectedly fell last week against concerns of rocky demand in Europe.
Traders will be looking for confirmation of the drawdown in crude stocks in official data due from the Energy Information Administration due today.

Analysis: SCRUM Team