Daily Market Analysis 07.01.2022: OILs

Instrument: OILs

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 82.90 with take profit at 83.42.
Bearish Preference: 
Sell position is envisaged if price trades below 82.20 with take profit at 81.74.
No Major Fundamental

Comment: Oil is continuing to push higher as traders price in a modest economic impact from omicron. The OPEC+ meeting this week supported the view and the price of oil is now not far from its October peak, with WTI closing in on $80 for the first time in almost two months. The knock to broader market sentiment from the Fed minutes is not reverberating around the crude market, with prices up more than 2% on the day and backed by momentum.

Analysis: SCRUM Team

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