Instrument: OILs
Technical Analysis
Bullish Preference:
Buy is envisage if price trades above 69.39 with take profit at 69.57.
Bearish Preference:
Sell is envisaged if price trades below 68.78 with take profit at 68.57.
Fundamentals:
None with high Impact
Comment: Crude oil supply data from the U.S. Energy Information Administration (EIA) showed a draw of 7.990 million barrels for the week to Apr. 30. This beats the 2.346-million-barrel draw in forecasts prepared by Investing.com as well as the 90,000-barrel build reported during the previous week.
Oil rebounded this year as major economies, including the U.S. and China, recovered from COVID-19 and increased demand for fuel. On the demand side, jet fuel usage is forecast to jump 30% as Americans start to travel during the upcoming peak summer season.
Analysis: SCRUM Team
