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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 74.19 with take profit at 74.40.
Bearish Preference:
Sell position is envisaged if price trades below 73.44 with take profit at 73.22.
Fundamentals:
3:30pm USD Crude Oil Inventories
Comment: Oil rose towards $75 a barrel on Wednesday ahead of an industry report expected to show U.S. crude inventories dropped more than expected, bringing the focus back to a tight supply and demand balance rather than rising coronavirus infections. OPEC+ agreed to increase supply by 400,000 barrels per day from August, unwinding more of last year’s record supply cut, but this is seen as too low by some analysts given the rebound in demand expected this year.
Analysis: SCRUM Team
