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Instrument: OILs
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 70.92 with take profit at price 71.22.
Bearish Preference:
A sell position is envisaged if price trades below price 69.87 with take profit at price 69.59.
Fundamentals:
All Day OPEC-JMMC Meetings
Comment: Oil prices rose on Tuesday, with Brent topping $70 and trading at its highest since March, as optimism grew over the fuel demand outlook during the summer driving season of the United States, the world’s top oil consumer.
Prices were also boosted after data from China showed that factory activity expanded at its fastest this year in May.
Analysis: SCRUM Team
