Buy position is envisaged if price trades above 91.39 with take profit at 92.01.
Sell position is envisaged if price trades below 90.12 with take profit at 89.38.
There is no strong fundamental in direct bearing with this commodity.
Crude oil demand in China, the world’s largest oil importer, is rebounding, having been dampened by strict COVID-19 restrictions. At least three Chinese state oil refineries and a privately run mega refiner are considering increasing runs by up to 10% in October from September, eyeing stronger demand and a possible surge in fourth-quarter fuel exports.
Analysis: SCRUM Team