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Daily Market Analysis 20|04|2021: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 68.05 with take profit at 68.38
Bearish Preference: 
Sell position is envisaged if price trades below 66.94 with take profit at 66.25.
Fundamentals:
No major Fundamental

Comment: Spot cash premiums for June-loading barrels of Malaysian and Vietnamese crude oil have eased on the month amid demand concerns as COVID-19 cases spike in Asia, “There is a potential for further lockdowns in Thailand and India due to COVID-19. Thailand is one of the biggest buyers of regional crude, if the movement restrictions increase, the demand for regional crude will not be good.

Analysis: SCRUM Team

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