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Instrument: OIL
Bullish Preference:
A buy position is envisaged if the price trades above 80.06 with take profit at 80.90
Bearish Preference:
A sell position is envisaged if the price trades below 79.05 with take profit at 78.60
Fundamentals:
3:00pm CAD BOC Monetary Policy Report
CAD BOC Rate Statement
CAD Overnight Rate
4:00pm CAD BOC Press Conference
Comment:
International Energy Agency (IEA) said the oil market should stay tight in the second half of 2023, citing strong demand from China and developing countries combined with recently announced supply cuts, by top exporters Saudi Arabia and Russia, among others. Top producer Saudi Arabia pledged last week to extend a production cut of 1 million bpd in August, while Russia will cut exports by 500,000 bpd. “The short-term crude demand outlook shouldn’t be that bad, as everyone is taking a vacation that requires some travel this summer,” said OANDA senior analyst Edward Moya.
Analysis: SCRUM Team
