Instrument: OIL
Technical Analysis
Bullish Preference:
Bullish Preference: A Buy position is envisaged if price trades above 95.42 with take profit at 96.18
Bearish Preference:
A Sell position is envisaged if price trades below price 94.50 with take profit at 94.10
Fundamentals:
3:00pm USD ISM Services PMI
Comment:
A strong dollar reduces demand for oil by making the fuel more expensive for buyers using other currencies. With the Fed confirming a higher peak in rates, a darkened global economic outlook could continue to pressure the oil futures markets. Also likely to keep supply tight in coming months, producers from the Organization of the Petroleum Exporting Countries (OPEC) may struggle to hit previously set output quotas.
Analysis: SCRUM Team
