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Instrument: OILs
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 75.68 with take profit at price 75.86.
Bearish Preference:
A sell position is envisaged if price trades below price 75.09 with take profit at price 74.85.
Fundamentals: No major fundamental
Comment: Oil and fuel stockpiles dropped sharply last week, as refiners in the U.S. Gulf region and oil facilities offshore were still recovering from Hurricane Ida, the Energy Information Administration (EIA) said on Wednesday. The United States is the world’s largest oil consumer.[EIA/S] “The data follow warnings from the International Energy Agency that supply lost from storms in the Gulf of Mexico would offset gains from OPEC,” analysts from ANZ Research said in a note on Thursday.
Analysis: SCRUM Team
