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Daily Market Analysis 31|03|2021: OIL

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Daily Analysis / Online Education

Daily Market Analysis 31|03|2021: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
Buy position is envisaged  if price trades above 64.86 with take profit at 65.08.
Bearish Preference: 
Sell position is envisaged if price trades below 64.01 with take profit at 63.74.
Fundamentals:
3:30pm  USD Crude Oil Inventories

Comment: Oil was up Wednesday morning in Asia, paring back losses from the previous session ahead of an Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting that will determine production levels for May.
Saudi Arabia, the second-largest oil producer globally, is also reportedly prepared to back an extension of the supply cuts into June, inclusive of its own voluntary cut.

Analysis: SCRUM Team

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