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Daily Market Analysis 07/10/2021: OIL

Instrument: OILs

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 80.24 with take profit at 80.55
Bearish Preference: 
Sell position is envisaged if price trades below 78.68 with take profit at 78.35
Fundamentals:
No Major Fundamental

Comment: Oil prices dropped for a second session on Thursday, under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs. Global oil prices have jumped more than 50% this year, adding to inflationary pressure that could slow recovery from the COVID-19 pandemic and impact consumer demand. Natural gas and coal prices have also climbed. The Organization of the Petroleum Exporting Countries and allies (OPEC+) said on Monday it would stick to its pact for a gradual increase in oil output, sending crude prices to multi-year highs.

Analysis: SCRUM Team

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