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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 75.22 with take profit at 75.39.
Bearish Preference:
Sell position is envisaged if price trades below 74.72 with take profit at 74.60.
Fundamentals: No Major Fundamental
Comment: Crude oil prices fell slightly after the Energy Information Administration reported yet another inventory draw, of 3.5 million barrels, for the week to September 17. This compared with a hefty draw of 6.4 million barrels for the previous week and an estimated 6.1-million-barrel inventory decline for the week to September 17, as reported by the American Petroleum Institute. The latest inventory movements are probably related to the damage Gulf Coast refineries suffered from Hurricane Ida, meaning they do not necessarily reflect any major changes in demand. Even so, they are likely to move prices due to the size of the inventory change.
Analysis: SCRUM Team
