Daily Market Analysis 31.08.2022: OIL

Instrument: OIL

Technical Analysis

Bullish Preference:  
A Buy position is envisaged if price trades above 99.18 with take profit at 99.86
Bearish Preference: 
A Sell position is envisaged if price trades below price 96.56 with take profit at 95.61
No Major fundamental

Oil prices recovered slightly on Wednesday as data pointed to firm U.S. fuel demand, providing respite after a 5% drop a day earlier on fears that demand will suffer from increased China COVID curbs and central bank interest rate hikes. The price swings since the Ukraine conflict began six months ago have rattled hedge funds and speculators and thinned trading, which in turn has made the market whipsaw even more, as seen on Tuesday.

Analysis: SCRUM Team

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