Daily Market Analysis 07.12.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 79.90  with take profit at 80.70
Bearish Preference: 
Sell position is envisaged if price trades below 78.57 with take profit at 77.62
4pm CAD  BOC Rate Statement

Oil futures edged slightly higher on Wednesday on hopes for improved Chinese demand while uncertainty about how a Western cap on Russian oil prices would play out kept markets on edge after a sharp fall the previous session. Brent’s slump on Tuesday was the largest daily decline in prices since late September, which have traded in a $62 range this year. Expectations of rising China demand continued to be a positive driver, as the country posted fewer new COVID-19 infections for two consecutive days.

Analysis: SCRUM Team

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