Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 74.61 with take profit at 74.77.
Bearish Preference:
Sell position is envisaged if price trades below 74.24 with take profit at 74.11.
Fundamentals:
3:30pm USD Crude Oil Inventories
Comment: Oil was up Wednesday morning in Asia after the Organization of the Petroleum Exporting Countries and allies (OPEC+) delayed talks ahead of its ministerial meeting to discuss production policy, taking place on Thursday.
Some OPEC+ members including Russia suggested increasing the oil supply while Saudi Arabia was concerned about the global spread of the COVID-19 delta variant despite the growing demand. The cartel delayed its preliminary talks to Friday to allow for more time to resolve differences.
Analysis: SCRUM Team