Instrument: OILS
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 113.20 with take profit at 114.01
Bearish Preference:
Sell position is envisaged if price trades below price 111.77 with take profit at 110.66
Fundamentals:
All Day OPEC Meetings
Comment:
Oil dips as market weighs supply concerns, fuel stocks build. Oil prices edged lower in volatile trading on Thursday as the market weighed concerns of global supply and a build in U.S. fuel product inventories. Crude inventories fell by 2.8 million barrels in the week to June 24, far exceeding analysts’ expectations in a Reuters poll for a 569,000 barrel drop, U.S. Energy Information Administration data showed, though U.S. gasoline and distillate stockpiles climbed. Fuel stocks rose as refiners ramped up activity, operating at 95% of capacity, the highest for this time of year in four years.
Analysis: SCRUM Team