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Daily Market Analysis 11.01.2023: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
A Buy position is envisaged if the price trades above 80.14 with take profit at 80.57
Bearish Preference: 
A Sell position is envisaged if the price trades below price 79.24 with take profit at  78.90
Fundamentals:
No Major Fundamental

Comment:  
Oil prices fell on Wednesday as an unexpected build in crude and fuel inventories in the United States, the world’s biggest oil consumer, and economic uncertainty reignited demand worries. U.S. crude oil stockpiles jumped by 14.9 million barrels in the week ended Jan. 6, sources said, citing data from the American Petroleum Institute (API). At the same time, distillate stocks, which include heating oil and jet fuel, rose by about 1.1 million barrels. Analysts polled by Reuters had expected crude stocks to fall by 2.2 million barrels and distillate stocks to drop by 500,000 barrels. The large increase in U.S. inventories in the API estimates has dragged down oil prices, while the risk of recession is also capping the oil price uptrend in the short run, said analyst Leon Li at CMC Markets.

Analysis: SCRUM Team

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