Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 79.21 with take profit at 79.55.
Bearish Preference:
Sell position is envisaged if price trades below 78.54 with take profit at 78.33.
Fundamentals:
All Day All OPEC-JMMC Meetings
Comment: Oil was up on Tuesday morning in Asia, but moves were small ahead of a major producers’ meeting to discuss plans to add supply in February 2022. Meanwhile, the fuel demand outlook remained optimistic as the rising number of COVID-19 cases globally has yet to spark tightened restrictive measures in the biggest fuel-consuming countries. The cartel is likely to stick to its plan to increase output by 400,000 barrels per day in February, as it has done each month since August 2021, according to Reuters.
Analysis: SCRUM Team