Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 72.71 with take profit at 72.83.
Bearish Preference:
Sell position is envisaged if price trades below 72.35 with take profit at 72.23.
Fundamentals:
USD 4:00PM Crude Oil Inventories
Comment: U.S. production is struggling to recover from Hurricane Ida, “Extensive damage to infrastructure and power outages mean Ida has knocked off more supply after nine days than any other storm.” oil production is expected to fall by 200,000 barrels per day in 2021 to 11.08 million bpd, the U.S. Energy Information Administration (EIA) said on Wednesday, noting that Hurricane Ida should force a bigger decline than its previous forecast for a drop of 160,000 bpd.
Analysis: SCRUM Team