Daily Market Analysis 16.05.2023: OIL+

Instrument: OIL+

Technical Analysis

Bullish Preference: 
A buy position is envisaged if the price trades above 75.41 with take profit at 75.53

Bearish Preference: 
A sell position is envisaged if the price trades below 74.98 with take profit at  74.87
No major Fundamentals

Crude oil nudged slightly higher on Tuesday after notable gains in the North American session after it was announced 3 million barrels will be bought to replenish the depleted supplies at the Special Petroleum Reserve (SPR).

Analysis: SCRUM Team

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