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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 110.36 with take profit at 111.26
Bearish Preference:
Sell position is envisaged if price trades below price 108.37 with take profit at 107.39
Fundamentals:
Tentative USD Crude Oil Inventories
Comment:
Oil prices edged down on Monday in a volatile session as investors stood on guard for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations in Germany. Members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies including Russia, known as OPEC+, will likely stick to a plan for accelerated oil output increases in August when they meet on Thursday, sources said.
Analysis: SCRUM Team
