Daily Market Analysis 10.08.2022: OIL

Instrument: OIL

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 96.08 with take profit at 96.49
Bearish Preference: 
Sell position is envisaged if price trades  below 95.21 with take profit at 94.80
No major fundamental

Oil prices fell on Wednesday ahead of a key U.S. report on inflation and after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand. “The oil price and the Asian market all showed a weak trend,” said Leon Li, a Shanghai-based analyst at CMC Markets, adding that market uncertainty over U.S. July inflation data “limits the rebound of oil prices today.”

Analysis: SCRUM Team

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