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Instrument: OIL
Bullish Preference:
A Buy position is envisaged if the price trades above 78.58 With Take profit at 79.09
Bearish Preference:
A Sell position is envisaged if the price trades below 77.43 with Take profit at 76.91
Fundamentals:
No major Fundamentals today on OIL
Comment:
The OPEC+ meeting last week failed to convince markets with the 2.2 million bpd seemingly falling short of market expectations. This is really interesting as it comes at a time when US Crude Oil production set a record for second successive month adding a challenge to OPEC+ as they look to keep prices under control. OPEC+ are looking to add more member states which in turn will allow them greater control over the price of Oil moving forward and limit the impact of what is known as ‘Free Riders’. Interesting times ahead just as the possibility of uncertainty in the Middle East rages on.
The US Energy Department Deputy Secretary said the United States is taking advantage of low oil prices and refilling the Strategic Petroleum Reserve (SPR) as much as it can. The Deputy Secretary David Turk was quoted as saying that the amount is limited by physical constraints in the caverns. Will this aid a potential recovery in WTI prices?
Analysis: SCRUM Team
