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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 95.50 with take profit at 95.90.
Bearish Preference:
Sell position is envisaged if price trades below 94.20 with take profit at 93.89.
Fundamentals:
No high impact fundamental.
Comment:
Oil prices fell on Monday, dragged down by a firmer U.S. dollar while surging coronavirus cases in China dashed hopes of a swift reopening of the economy for the world’s biggest crude importer. Brent crude futures were down $1.01, or 1.1%, at $94.98 a barrel by 1030 GMT after gaining 1.1% on Friday. WTI crude futures fell $1.11, or 1.3%, to $87.85 after advancing 2.9% on Friday. “U.S. dollar strength appears to be weighing on oil and the broader commodities complex this afternoon,” said Warren Patterson, head of commodities strategy at ING. “There probably is also an element where the market got a bit ahead of itself on Friday following an easing in China’s COVID-related quarantine measures.” Commodities prices rallied on Friday after China’s National Health Commission adjusted its COVID prevention and control measures to shorten quarantine times for close contacts of cases and inbound travelers.
Analysis: SCRUM Team
