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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 71.96 with take profit at 71.12.
Bearish Preference:
Sell position is envisaged if price trades below 71.59 with take profit at 71.44
Fundamentals:
3:30pm USD Crude Oil Inventories
Comment: Oil prices rose on Wednesday before an OPEC+ meeting at which the producer club is expected to stick to a plan to add 400,000 barrels per day (bpd) each month to the end of December. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, are set to meet at 1500 GMT. OPEC+ has raised its forecast for oil demand next year, sources within the group told Reuters, in a move that might help to build a case for raising output.
Analysis: SCRUM Team
