Daily Market Analysis 17.05.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 115.43 with take profit at 115.84
Bearish Preference: 
Sell position is envisaged if price trades below 113.11 with take profit at 112.70
No Major Fundamental

The price of oil climbs to a fresh monthly high ($114.69) even as the Organization of Petroleum Exporting Countries (OPEC) warns of a slowdown in global demand, and signs of limited supply may keep crude prices afloat throughout the year as the group plans to “adjust upward the monthly overall production by 0.432 mb/d for the month of June 2022.”

Analysis: SCRUM Team

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