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Daily Market Analysis 23.08.2022: OIL

Instrument: OIL

Technical Analysis

Bullish Preference:  
A Buy position is envisaged if price trades above 98.40 with take profit at 99.11
Bearish Preference: 
A Sell position is envisaged if price trades below price 96.42 with take profit at 95.87
Fundamentals:
None with high impact

Comment: 
Crude oil tried to go lower to start this week after speculation swirled that a US-Iran deal could finally emerge that would add to global supply. This would potentially replace lost Russian production. Black gold then found support from two interviews conducted by Bloomberg. The new head of the Organisation of Petroleum Exporting Countries (OPEC+), Secretary General Haitham Al-Ghais, said that spare capacity scarcity remains an issue within the oil market.

Analysis: SCRUM Team

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