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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 82.57 with take profit at 82.96
Bearish Preference:
Sell position is envisaged if price trades below 81.53 with take profit at 81.25
Fundamentals:
3:30pm USD Crude Oil Inventories
Comment: Oil hit a multi-year high on Wednesday above $83 a barrel, supported by OPEC+’s refusal to ramp up production more rapidly against a backdrop of concern about tight energy supply globally. The market later unwound those gains due to an American Petroleum Institute (API) report showing rising crude inventories in the United States and, analysts said, technical indicators suggesting oil has rallied too fast.
Analysis: SCRUM Team
