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Instrument: OILs
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 74.92 with take profit at price 75.12.
Bearish Preference:
A sell position is envisaged if price trades below price 74.25 with take profit at price 74.09.
Fundamentals: 3:30pm USD Crude Oil Inventories
Comment: Oil prices climbed nearly $1 on Wednesday after industry data showed a larger than expected drawdown in U.S. crude inventories and on expectations demand will rise as vaccination roll-outs widen. U.S. crude oil, gasoline and distillate stocks fell last week, two market sources said, citing American Petroleum Institute figures, after Hurricane Ida shut numerous refineries and offshore drilling production.
Analysis: SCRUM Team
