Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 71.01 with take profit at 71.19.
Bearish Preference:
Sell position is envisaged if price trades below 70.18 with take profit at 70.01.
Fundamentals:
No major fundamental
Comment: The U.S. Energy Information Administration (EIA) reported that American crude inventories fell last week for a third consecutive week and overall fuel demand increased to the most since March 2020, boosting prices around 10% through Wednesday For now, U.S. consumers appear to be shrugging off the spread of the Delta variant … However, it seems likely that we are near the peak in U.S. demand, which will act as a lid on oil prices.
Analysis: SCRUM Team