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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 76.74 with take profit at 76.96.
Bearish Preference:
Sell position is envisaged if price trades below 76.07 with take profit at 75.92.
Fundamentals:
3:30pm USD Crude Oil Inventories
Comment: Oil prices steadied after data showed that China’s first-half crude imports dropped 3% from January to June versus a year earlier. They had surged more than 2% on Tuesday after the International Energy Agency said the market should expect tighter supply due to disagreements among major producers. Investors now await crude oil supply data from the U.S. Energy Information Administration, due later in the day.
Analysis: SCRUM Team
