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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
Fundamentals:
No major Fundamentals

Comment: 
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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