Instrument: OILs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1.08507 with take profit at 1.08636
Bearish Preference:
A Sell position is envisaged if the price trades below 1.07949 with take profit at 1.07799
Fundamentals:
2:30pm USD Core PPI m/m
USD Core Retail Sales m/m
USD PPI m/m
USD Retail Sales m/m
Comment:
Oil prices rose on Wednesday, extending the previous session’s gains, driven by optimism that the lifting of China’s strict COVID-19 curbs will lead to a recovery in fuel demand in the world’s top oil importer. Brent crude futures firmed 63 cents, or 0.73%, to $86.55 a barrel by 0401 GMT, following a 1.7% rally in the previous session. The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report that Chinese oil demand would grow 510,000 barrels per day (bpd) this year after contracting for the first time in years in 2022 due to COVID containment measures.
Analysis: SCRUM Team