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Daily Market Analysis 11.08.2022: OIL

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Instrument: OILs

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 98.76 with take profit at 99.36
Bearish Preference: 
Sell position is envisaged if price trades below 97.74 with take profit at 96.80
Fundamentals:
1:30pm USD PPI m/m
USD Core PPI m/m
USD Unemployment Claims

Comment: 
Oil prices rose by over 1% on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil.

Analysis: SCRUM Team

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