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Instrument: OILS+
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 92.69 with take profit at 92.87
Bearish Preference:
Sell position is envisaged if price trades below 91.88 with take profit at 91.64
Fundamentals:
No major fundamental
Comment:
Brent crude oil opened the week marginally lower after demand-side fears continue to overwhelm forecasts despite the recent OPEC+ supply cut announcement. The macro-environment has slipped into further turmoil with the eurozone entering the winter months heightening recessionary fears, leaving the region’s crude oil demands negligible. Oil prices climbed on Tuesday, bolstered by a weaker U.S. dollar and supply woes, although gains were capped by the specter of lower fuel demand from China as it persists with its stringent zero-COVID policy.
Analysis: SCRUM Team
