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Daily Market Analysis 05.05.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 112.39 with take profit at 112.83
Bearish Preference: 
Sell position is envisaged if price trades below 110.44 with take profit at 110.09
Fundamentals:
All Day- OPEC-JMMC Meetings

Comment: 
Five OPEC+ delegates said the group was set to agree to increase its June output target by 432,000 barrels per day, in line with its existing plan to unwind output curbs made during the worst of the COVID-19 pandemic in 2020. The Organization of Petroleum Exporting Countries and allies including Russia, which together make up OPEC+, hold formal ministerial talks at 1130 GMT after a meeting of the advisory Joint Ministerial Monitoring Committee.

Analysis: SCRUM Team

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