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Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 97.04 with take profit at 97.44
Bearish Preference:
Sell position is envisaged if price trades below 95.35 with take profit at 94.88
Fundamentals:
No major fundamental
Comment:
WTI and Brent crude oil prices are shifting lower through Asia-Pacific trading, with the benchmarks tracking around 0.10% lower following a strong open to the week. A better-than-expected Chinese trade surplus for July reflected strong external demand that helped cool recession fears. China also imported more oil compared to June, but still less than in the same period last year.
Analysis: SCRUM Team
