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Instrument: OILs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 95.84 with take profit at 96.23
Bearish Preference:
A Sell position is envisaged if price trades below price 94.82 with take profit at 94.34
Fundamentals:
All Day All OPEC-JMMC Meetings
Comment:
Oil prices rose more than $2 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day. U.S. markets are closed for a public holiday on Monday. At their meeting today, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, may decide to keep current output levels or even cut production to bolster prices, despite supplies remaining tight.
Analysis: SCRUM Team
