Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 83.63 with take profit at 83.86
Bearish Preference:
Sell position is envisaged if price trades below 82.87 with take profit at 82.68
Fundamentals:
3:30pm USD Crude Oil Inventories
Comment: Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply. President Joe Biden, speaking at a climate summit in Glasgow, blamed a surge in oil and gas prices on a refusal by OPEC nations to pump more crude. The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, meets on Thursday to review its policy and is expected to reconfirm plans for monthly increases.
Analysis: SCRUM Team