Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 84.96 with take profit at 85.15
Bearish Preference:
Sell position is envisaged if price trades below 84.52 with take profit at 84.34
Fundamentals:
No Major Fundamental
Comment: Oil prices climbed on Friday, heading for gains of more than 3% for the week, on increasing signs of robust demand and tighter supplies over the next few months as rocketing gas and coal prices stoke a switch to oil products. Furthermore, Analysts pointed to a sharp drop in OECD oil stockpiles to their lowest level since 2015. Demand has picked up with the recovery from the COVID-19 pandemic, with a further boost coming from industry turning away from expensive gas and coal to fuel oil and diesel for power.
Analysis: SCRUM Team