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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 101.41 with take profit at 101.92
Bearish Preference:
Sell position is envisaged if price trades below 98.29 with take profit at 97.63
Fundamentals:
All Day OPEC-JMMC Meetings
Comment:
Oil prices dipped on Wednesday ahead of a meeting of OPEC+ producers at which producers are expected to keep output steady with spare capacity limited and against the backdrop of fears that a slowdown in global growth will hit fuel demand. The premium for front-month Brent futures over barrels loading in six months’ time is at a three-month low, indicating worries about current tight supply are abating.
Analysis: SCRUM Team
