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Daily Market Analysis 20/07/2021: OIL

Instrument: OILs

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 69.53 with take profit at 70.34.
Bearish Preference: 
Sell position is envisaged if price trades below 67.84 with take profit at 67.19.
Fundamentals:
No major fundamental.

Comment: Oil was up Tuesday morning in Asia, but Brent oil futures and WTI futures both remaining below the $70 mark. A broader market rout, combined with the recent COVID-19 outbreaks involving the Delta strain, all raised concerns about the short-term fuel demand outlook.

The Organization of the Petroleum Exporting Countries and allies (OPEC+)’s resolution of its dispute over output increases earlier in the week removed some uncertainty for investors.  

Analysis: SCRUM Team

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