Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 81.93 with take profit at 82.13.
Bearish Preference:
Sell position is envisaged if price trades below 81.49 with take profit at 81.33.
Fundamentals:
4:30pm Crude Oil Inventories
Comment: Crude oil prices are on track to drop nearly 2% this week as US production ramps up. The weak price action comes despite a smaller-than-expected draw in US oil inventories, according to the American Petroleum Institute (API). US stockpiles rose 655k barrels for the week ending November 12. That was less than half of what analysts were expecting at 1.55 million barrels and up from the prior week’s 2.485 million barrel draw.
Analysis: SCRUM Team