Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 120.42 with take profit at 120.91
Bearish Preference:
Sell position is envisaged if price trades below 118.92 with take profit at 118.48
Fundamentals:
No Major Fundamental
Comment:
EU leaders continue to struggle over an agreement on banning Russian oil imports, while Ukrainian President Volodymyr Zelensky is pushing for additional Western-led sanctions. To reconcile Europe’s energy needs with its geopolitical interests, a compromise may be reached. This would involve banning seaborne imports first and pipelines later. On Monday and Tuesday this week delegates from EU member nations will meet in Brussels to discuss the 6th round of sanctions on Russia, which is being held up by the issue of banning Russian oil imports via pipeline to the landlocked Hungary, Slovakia and the Czech Republic.
Analysis: SCRUM Team
