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Instrument: OIL
Bullish Preference:
Buy position is envisaged if price trades above 92.60 with take profit at 92.86.
Bearish Preference:
Sell position is envisaged if price trades below 91.94 with take profit at 91.66.
Fundamentals:
None with High Impact
Comment:
Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand.
Prices had rallied more than 10% in the previous three weeks on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year.
Analysis: SCRUM Team
