Instrument: OIL
Bullish Preference:
Buy position is envisaged if price trades above 90.31 with take profit at 91.31
Bearish Preference:
Sell position is envisaged if price trades below 89.28 with take profit at 88.69
Fundamentals:
1:30PM CAD CPI m/m
Comment:
Oil steadied on Tuesday after sliding more than $1 the day before ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with containing a regional escalation of its war with Hamas.
Brent crude futures were up 28 cents at $89.93 a barrel, while U.S. West Texas Intermediate crude (WTI) was up 12 cents at $86.78 a barrel as of 1048 GMT.
Both oil benchmarks surged last week on fears the conflict in the Middle East could widen, with global benchmark Brent gaining 7.5% in its largest weekly gain since February. However, they slipped back on Monday.
Analysis: SCRUM Team
