Daily Market Analysis 04.10.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 89.93 with take profit at 90.14
Bearish Preference: 
Sell position is envisaged if price trades below 89.17 with take profit at 88.96
No major fundamental 

Crude oil prices are extending overnight gains, fostered by a softer US Dollar and implications of a possible pullback in global production levels. West Texas Intermediate (WTI) prices rose 5.21% on Monday, bringing the benchmark to its highest level since September 22. Brent crude prices increased around 4%, although the global benchmark hasn’t made as much relative progress against WTI. A potential production cut may be announced this week when the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, meets in Vienna

Analysis: SCRUM Team

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