Daily Market Analysis 26.10.2022: OIL

Instrument: OILS+

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 91.35 with take profit at 91.73
Bearish Preference: 
Sell position is envisaged if price trades below 90.21 with take profit at 89.85
3:00pm     CAD   BOC Monetary Policy                 
CAD    BOC Rate Statement    

U.S. crude inventories rose by about 4.5 million barrels in the week ended Oct. 21, according to market sources citing figures from the American Petroleum Institute, an industry group. That was higher than expectations from five analysts polled by Reuters, who on average had expected a build of about 200,000 barrels. While a rise in crude stockpiles reinforced fears of a global recession that would cut demand, ongoing supply constraints kept prices trading in a narrow range.

Analysis: SCRUM Team

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