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Daily Market Analysis 05.09.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
A Buy position is envisaged if price trades above 95.84 with take profit at  96.23
Bearish Preference: 
A Sell position is envisaged if price trades below price 94.82 with take profit at 94.34
Fundamentals:
All Day    All OPEC-JMMC Meetings  

Comment: 
Oil prices rose more than $2 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day. U.S. markets are closed for a public holiday on Monday. At their meeting today, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, may decide to keep current output levels or even cut production to bolster prices, despite supplies remaining tight.

Analysis: SCRUM Team

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