Instrument: OILs
Bullish Preference:
A Buy position is envisaged if the price trades above 88.29 with take profit at 89.02.
Bearish Preference:
A Sell position is envisaged if the price trades below 87.77 with take profit at 86.96.
Fundamentals:
USD
1:30 pm Core PCE Price Index m/m
Personal Income m/m
2:00 pm USD FOMC Member Barr Speaks
3:00 pm USD Revised UoM Consumer Sentiment
Comment:
Oil prices rose by over $1 on Friday as reports that the U.S military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East producing region, this has led to supply concerns as freight rates on 16 global maritime routes had gone up by 50%. loadings of crude from Nigeria and Angola have slowed down lately because of the changes in freight rates.
Analysis: SCRUM Team