Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 72.03 with take profit at 72.40.
Bearish Preference:
Sell position is envisaged if price trades below 71.06 with take profit at 70.63.
Fundamentals:
USD 3:30PM Natural Gas Storage
4:00PM Crude Oil Inventories
Comment: Oil prices rose for a third day on Thursday on expectations of a surge in fuel demand later this year, particularly in the United States and Europe and China, at the same time major producers are maintaining supply discipline.
The consensus among market forecasters, including the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, is that oil demand will exceed supply in the second half of 2021, which has spurred the recent run.
Analysis: SCRUM Team
