Instrument: OILs+
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 89.89 with take profit at 90.59
Bearish Preference:
Sell position is envisaged if price trades below 87.96 with take profit at 87.09
Fundamentals:
No Major Fundamental
Comment:
Oil prices inched higher on Wednesday as data showing a larger-than-expected U.S. crude drawdown last week outweighed concerns about lower fuel demand from China amid tightening COVID-19 curbs. Both benchmark contracts rose about 1% on Tuesday as the United Arab Emirates, Kuwait, Iraq and Algeria reinforced comments from Saudi Arabia’s energy minister that the Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, were not considering boosting oil output. OPEC+ next meets to review output on Dec. 4.
Analysis: SCRUM Team
