Skip to content 
Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 96.08 with take profit at 96.49
Bearish Preference:
Sell position is envisaged if price trades below 95.21 with take profit at 94.80
Fundamentals:
No major fundamental
Comment:
Oil prices fell on Wednesday ahead of a key U.S. report on inflation and after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand. “The oil price and the Asian market all showed a weak trend,” said Leon Li, a Shanghai-based analyst at CMC Markets, adding that market uncertainty over U.S. July inflation data “limits the rebound of oil prices today.”
Analysis: SCRUM Team
