Instrument: OILS+
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 97.95 with take profit at 98.11
Bearish Preference:
A Sell position is envisaged if price trades below price 97.52 with take profit at 97.40
Fundamentals:
None with high impact
Comment:
Oil prices fell on Tuesday as recession concerns and worsening COVID-19 outbreaks in China sparked fears of lower fuel demand, outweighing supply worries. Brent crude fell 31 cents, or 0.3%, to $97.61 a barrel by 0434 GMT. Brent Oil benchmarks hit their highest since August on Monday amid reports that leaders in China, the world’s top crude importer, were weighing an exit from the country’s strict COVID-19 restrictions.
Analysis: SCRUM Team