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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 67.66 with take profit at 67.94.
Bearish Preference:
Sell position is envisaged if price trades below 66.99 with take profit at 66.69.
Fundamentals:
3:30 pm USD Crude Oil Inventories
Comment: Oil prices fell for a second day on Wednesday on renewed demand concerns as coronavirus cases in Asia rise and on fears rising inflation might lead the U.S. Federal Reserve to raise interest rates, which could limit economic growth. Brent’s rise to $70 was driven by optimism over the reopening of the U.S. and European economies, among the world’s biggest oil consumers, it later retreated on fears of slowing fuel demand in Asia as COVID-19 cases surge in India, Taiwan, Vietnam and Thailand, prompting a new wave of movement restrictions.
Analysis: SCRUM Team
