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Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 71.41 with take profit at 71.71.
Bearish Preference:
Sell position is envisaged if price trades below 70.09 with take profit at 69.70.
Fundamentals:
No fundamental in direct bearing to this commodity
Comment: Oil prices climbed on Friday, extending gains after OPEC+ said it would review supply additions ahead of its next scheduled meeting if the Omicron variant dents demand, but prices were still on course for a sixth week of declines. The Organization of the Petroleum Exporting Countries, Russia and allies, together called OPEC+, surprised the market on Thursday when it stuck to plans to add 400,000 barrels per day (bpd) supply in January.
