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Daily Market Analysis 09.08.2023: OIL

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Instrument: OIL

Bullish Preference: 
A buy position is envisaged if the price trades above 86.72 With Take profit at 87.17
Bearish Preference: 
A sell position is envisaged if the price trades below 85.90 with Take profit at 85.35
Fundamentals:
3:30pm USD Crude Oil Inventories

Comment:
Oil prices eased on Wednesday as concerns over slow demand from top crude importer China grew after bearish trade and inflation data, eclipsing fears over tighter supply arising from output cuts by Saudi Arabia and Russia.

Analysis: SCRUM Team

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