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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 74.95 with take profit at 75.11.
Bearish Preference:
Sell position is envisaged if price trades below 74.55 with take profit at 74.39.
Fundamentals:
3:30 PM USD Natural Gas Storage
Comment: Oil was up with continuously shrinking U.S. crude and fuel supplies contributing to the brightening fuel demand outlook. The continuous draws are indicative of a market that is tightening as the U.S., China and parts of Europe continue their economic recovery from COVID-19. Investors now await an Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting. The cartel will discuss its production policy for August when it meets in the following week, with some member states reportedly looking to vote for an output increase.
Analysis: SCRUM Team
