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Daily Market Analysis 12.01.2022: OIL

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Daily Analysis / Online Education

Daily Market Analysis 12.01.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 84.57 with take profit at 85.28 .
Bearish Preference: 
Sell position is envisaged if price trades below 82.86 with take profit at 82.16.
Fundamentals:
4:30pm USD Crude Oil Inventories

Comment: Oil prices hit two-month highs on Wednesday on tight supply and easing concerns about the potential hit to demand from the Omicron coronavirus variant. OPEC+ producers continue to hold back more than 3 million barrels per day in output, while sanctions on Iran pin back its exports and though OPEC+ producers are raising their output targets each month, technical difficulties have prevented several countries from hitting their quotas.

Analysis: SCRUM Team

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