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Instrument: OIL
Bullish Preference:
A buy position is envisaged if the price trades above 91.96 with take profit at 92.49
Bearish Preference:
A sell position is envisaged if the price trades below 91.65 with take profit at 91.37
Fundamentals:
No major fundamental
Comment:
OPEC on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024 citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation.
World oil demand will rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023, the Organization of the Petroleum Exporting Countries said in a monthly report. Both forecasts were unchanged from last month.
A lifting of pandemic lockdowns in China has helped oil demand rise in 2023. OPEC has maintained a relatively upbeat view on 2024, seeing stronger demand growth than other forecasters such as the International Energy Agency.
Analysis: SCRUM Team
