Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 71.71 with take profit at 71.87.
Bearish Preference:
Sell position is envisaged if price trades below 71.39 with take profit at 71.25
Fundamentals:
No major fundamental
Comment: Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many U.S. refiners. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, together known as OPEC+, agreed on Wednesday to continue a policy of phasing out record production reductions by adding 400,000 barrels per day (bpd) each month to the market.
Analysis: SCRUM Team