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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 120.83 with take profit at 121.22
Bearish Preference:
Sell position is envisaged if price trades below 119.45 with take profit at 119.04
Fundamentals:
No Major Fundamental
Comment:
Crude oil prices have sustained their recent move higher following news that OPEC+ would increase oil production in July and August by +648,000 barrels per day. However, questions linger about whether or not OPEC+ countries will be able to meet those expectations, as few OPEC+ members have spare capacity to increase oil production in the short-term.
Analysis: SCRUM Team
