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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 97.52 with take Profit at 98.14
Bearish Preference:
Sell position is envisaged if price trades below 96.29 with take Profit at 95.76
Fundamentals:
None with high impact
Comment:
Oil prices dropped for a second session on Monday as weak China economic data triggered concerns about demand at the world’s largest crude importer while the head of the world’s top exporter, Saudi Aramco said it was ready to ramp up output. Global oil markets remained supported by tight supplies in the run-up to EU sanctions on Russian crude oil and refined product supplies this winter. More supplies could come if Iran and the United States accept an offer from the European Union to revive the 2015 nuclear deal, which would lift sanctions on Iranian oil exports, analysts said.
Analysis: SCRUM Team
