Instrument: OIL
Technical Analysis
Bearish Preference:
Sell is envisage if price trades below 63.65 with take profit at 62.25.
Bullish Preference:
Buy is envisaged if price trades above 64.19 with take profit at 64.55.
Fundamentals:
4:30pm USD Crude Oil Inventories
Comment: Oil prices rose on Wednesday, boosted by expectations that OPEC+ producers might decide against increasing output when they meet this week, while signs of progress in the coronavirus vaccine rollout in the United States gave further support.
Oil prices jumped after Reuters reported based on three sources that the Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, are considering rolling over production cuts from March into April rather than raising output.
Analysis: SCRUM Team