Daily Market Analysis 15.11.2022: OIL

Instrument: OILs+

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 94.02  with take profit at 94.60
Bearish Preference: 
Sell position is envisaged if price trades below 92.66 with take profit at 92.24 
2:30pm     CAD    CPI m/m              
                CAD    Median CPI y/y                       
CAD    Trimmed CPI y/y       

Oil prices slid on Wednesday as COVID-19 cases in China continued to climb, sparking worries of lower fuel demand in the world’s top crude importer that outweighed concerns about an escalation of geopolitical tensions and tighter oil supply. Oil prices settled higher on Tuesday after oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline was temporarily suspended, according to oil pipeline operators in Hungary and Slovakia.

Analysis: SCRUM Team

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