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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 91.33 with take profit at 91.60.
Bearish Preference:
Sell position is envisaged if price trades below 89.75 with take profit at 89.41.
Fundamentals:
4:30pm USD Crude Oil Inventories
Comment:
Brent and WTI slid about 2% on Tuesday, down for a second straight session, as Washington resumed indirect talks with Iran to revive a nuclear deal. Such a deal could lift U.S. sanctions on Iranian oil and quickly add supplies to the market, although a number of vital issues still need to be ironed out. “With the negotiations ongoing, the oil price is likely to lose steam in the next week, despite the bump higher we’ve seen today,” Teng said, adding that there has also been some profit-taking among investors who have turned cautious after prices hit more than 7-year highs.
Analysis: SCRUM Team
