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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 114.43 with take profit at 114.91.
Bearish Preference:
Sell position is envisaged if price trades below 111.50 with take profit at 111.01.
Fundamentals:
3:30pm USD Crude Oil Inventories.
Comment:
Oil was up on Wednesday morning in Asia, with a draw in U.S. crude inventories increasing concerns about tight global supplies amid the prospect of further sanctions on Russia. The prospect of further sanctions against Russia over its invasion of Ukraine on Feb. 24 is keeping markets on edge. U.S. President Joe Biden is likely to announce these sanctions when he meets with European leaders on Thursday in Brussels. Prices also dipped on Tuesday, with the European Union very unlikely to agree to a ban on Russian oil.
Analysis: SCRUM Team
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