Skip to content 
Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 75.89 with take profit at 76.08.
Bearish Preference:
Sell position is envisaged if price trades below 75.14 with take profit at 74.96.
Fundamentals:
All Day OPEC-JMMC Meetings
Comment: Oil was up Friday morning in Asia, retaining its gains from the previous session after a disagreement within the Organization of the Petroleum Exporting Countries and allies (OPEC+) delayed a decision on output levels, which might cause an inflationary spike in prices if not resolved. The United Arab Emirates blocked a deal at the last minute, causing the alliance to put off its decision on monthly production. The standstill could end with OPEC+ not increasing output at all, which means the alliance would fall back on previous terms that asked for production to remain unchanged until April 2022.
Analysis: SCRUM Team
