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Instrument: OIL
Bullish Preference:
A buy position is envisaged if the price trades above 78.22 with take profit at 78.58
Bearish Preference:
A sell position is envisaged if the price trades below 77.66 with take profit at 77.29
Fundamentals:
USD IBD/TIPP Economic Optimism Tentative
Comment:
Indonesia has seized an Iranian-flagged tanker on suspicion that it was planning an illegal oil transfer, Reuters has reported, citing a statement by the country’s coast guard. Per the statement, the vessel, named MT Arman 114, was carrying over 270,000 barrels of light crude and was going to transfer it to another ship without a permit. Ship-to-ship transfers have become common as a way for Iran to move its crude to international markets avoiding U.S. sanction repercussions. The Indonesian coast guard caught the vessel in the act, the statement said, while it was unloading its cargo onto a Cameroon-flagged vessel. The Iranian vessel was also suspected of turning off its transponder, which is illegal and also a common practice among sanction-hit vessels.
Analysis: SCRUM Team
