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Instrument: OIL
Technical Analysis
Bullish Preference:
Buy is envisage if price trades above 64.92 with take profit at 65.41
Bearish Preference:
Sell is envisaged if price trades below 64.21 with take profit at 63.87.
Fundamentals:
All Day – OPEC-JMMC Meetings
Comment: Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day lent support, alongside a drop in U.S. fuel inventories.
The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, are considering rolling over production cuts into April instead of raising output, as a recovery in oil demand remains fragile due to the coronavirus crisis, three OPEC+ sources told Reuters.
Analysis: SCRUM Team
