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Instrument: OIL
Bullish Preference:
A buy position is envisaged if the price trades above 95.22 With take profit at 95.56
Bearish Preference:
A sell position is envisaged if the price trades below 94.42 with Take profit at 94.18
Fundamentals:
No major fundamentals
Comment:
Crude oil made another 10-month high overnight despite some reservations about the outlook for China’s economy and central banks’ tight monetary policy. Nonetheless, the underlying market structure appears intact for now. The Brent futures contract touched US$ 94.95 bbl and the WTI contract hit US$ 91.36 bbl. Yesterday at the 24th World Petroleum Congress in Calgary, Canada, Saudi Energy Minister Prince Abdulaziz bin Salman expressed reservations when speaking about China’s demand going forward. He said, “The jury’s still out. This is the fundamental issue – the jury’s still out.” The world’s second-largest economy has been struggling to reignite growth coming out of the pandemic era.
Analysis: SCRUM Team
