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Instrument: OILS+
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 77.66 with take profit at 78.67
Bearish Preference:
A sell position is envisaged if the price trades below 76.45 with take profit at 75.67
Fundamentals:
None with High Impact
Comment:
Oil prices fell on Wednesday, ending a three-day rally, as an unexpected rise in U.S. oil inventories sparked demand concerns and investors awaited U.S. inflation data to gauge the next rate decision in the top oil-consuming nation. In a possible sign of weakening demand, U.S. crude inventories rose by about 3.6 million barrels in the week ended May 5, while gasoline stockpiles rose by 399,000 barrels, the American Petroleum Institute reported on Tuesday according to market sources.
source: investing.com
