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Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 117.70 with take profit at 118.93
Bearish Preference:
Sell position is envisaged if price trades below 115.22 with take profit at 114.34
Fundamentals:
No Major Fundamental
Comment:
Oil prices climbed above $120 a barrel on Monday, hitting their highest in more than two months, as traders waited to see whether a European Union meeting would reach an agreement on banning Russian oil imports. The EU is due to meet on Monday and Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine, actions which Moscow calls a “special military operation”. EU governments failed to agree on an embargo on Russian oil on Sunday but will continue talks on a deal to ban seaborne deliveries while allowing deliveries by pipeline, ahead of the summit on Monday afternoon, officials said.
Analysis: SCRUM Team
