Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 73.68 with take profit at 74.09.
Bearish Preference:
Sell position is envisaged if price trades below 72.75 with take profit at 72.27.
Fundamentals:
USD 3:30 PM Natural Gas Storage
4:00 PM Crude Oil Inventories
Comment: Oil prices dropped Thursday, falling for the third consecutive session, on the back of the concerns about global growth and amid continued uncertainty over future OPEC+ production levels after a dispute halted talks earlier this week. Oil was under pressure, as a wave of new viral infections sweeps Asia and the world that could curb demand, while traders anticipate a possible rise in supply after the collapse of talks among producers.
Analysis: SCRUM Team