Skip to content 
Instrument: OILs
Bullish Preference:
Buy position is envisaged if price trades above 93.16 with take profit at 93.59.
Bearish Preference:
Sell position is envisaged if price trades below 91.68 with take profit at 91.29.
Fundamentals:
3:00pm USD ISM Manufacturing PMI
4:00pm USD Fed Chair Powell Speaks
Comment:
Oil prices edged up on Monday, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook while a last-minute deal that avoided a U.S. government shutdown restored risk appetite.
While OPEC+ is not expected to change its output policy given the recent strength in the market, Saudi Arabia could start to ease its additional voluntary supply cut of 1 million barrels per day (bpd), said ING analysts in a note on Monday.
Analysis: SCRUM Team
