Instrument: OIL
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 85.43 with take profit at 85.77
Bearish Preference:
A Sell position is envisaged if price trades below price 84.43 with take profit at 84.08
Fundamentals:
No major fundamental
Comment:
Oil prices rose to three-week highs on Tuesday as China’s latest easing of COVID-19 restrictions raised fuel demand hopes and concerns that winter storms across the United States are affecting energy production continued to buoy prices. Brent crude was up 88 cents, or 1.1%, at $84.80 a barrel by 0253 GMT, while U.S. West Texas Intermediate crude was at $80.44 a barrel, up 88 cents, or 1.1%. The two benchmarks touched their highest since Dec. 5 earlier in the session.
Analysis: SCRUM Team
