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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 68.58 with take profit at 68.85.
Bearish Preference:
Sell position is envisaged if price trades below 67.63 with take profit at 67.39.
Fundamentals:
3:30pm USD Crude Oil Inventories
Comment: Oil traded in a narrow range early today, supported by optimism about improving U.S. fuel demand and a weak dollar but with the prospect of returning Iranian oil keeping any gains in check. Market players are also closely watching developments in Iranian-U.S. nuclear talks which could lead to lifting sanctions on Iran’s energy industry and more Iranian oil on the market.
Analysis: SCRUM Team
