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Daily Market Analysis 25|02|2021: OIL

Instrument: OIL

Technical Analysis

Bearish Preference: 
A Sell position is envisaged if price trades below 65.94 with a take profit at 65.28.
Bullish Preference: 
A Buy position  is envisaged if price trades above price 66.89  with take profit at price 67.77
Fundamentals:
No major fundamentals 

Comment: Oil is still on the rise due to the tightened global supplies .OPEC+ Oil prices extended gains for a fourth session on Thursday to reach the highest levels in more than 13 months, underpinned by an assurance that U.S. interest rates will stay low, and a sharp drop in U.S. crude output last week due to the storm in Texas.
However, we remain cautious over the near term on easing OPEC+ support, risks from more transmissible COVID-19 variants and elevated positioning.

Analysis: SCRUM Team

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