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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 109.00 with take profit at 109.49.
Bearish Preference:
Sell position is envisaged if price trades below 106.73 with take profit at 105.81.
Fundamentals:
No Major Fundamental
Comment:
The Crude oil outlook remains obscured behind an opaque fundamental backdrop with headlines and positioning driving unhinged price moves. Sanctions on Russian oil supply continue to create unknown consequences. The International Energy Agency (IEA) reported this week that up to a third of Russian oil exports are at risk in April. 8 million barrels per day (bpd) were exported in January and the IEA see 2.5 million bpd of oil and crude oil at risk for next month. Meanwhile, a number of OPEC exporting nation have indicated that the cartel should ramp up production to alleviate supply issues, with Libya joining the chorus this week.
Analysis: SCRUM Team
Very interesting