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Instrument: OIL
Bullish Preference:
Buy position is envisaged if price trades above 73.70 with take profit at 74.79
Bearish Preference:
Sell position is envisaged if price trades below 72.33 with take profit at 71.52
Fundamentals:
2:30pm USD Core PPI m/m
USD PPI m/m
Comment:
The market stumbled in overnight trade as firmer-than-expected U.S. inflation readings for November bolstered the view the Federal Reserve was unlikely to cut interest rates early next year, which would weigh on consumption.
Meanwhile, the weekly average of Russian crude exports jumped to the highest since July, ANZ analysts said, compounding oversupply concerns and further throwing doubt on the recent output cut agreement by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+.
The U.S. Energy Information Administration also raised its forecast for supply in 2023 by 300,000 barrels per day to 12.93 million barrels per day from its previous report, in its most recent Short-Term Energy Outlook report.
Analysis: SCRUM Team
