Daily Market Analysis 23.05.2023: OIL WTI

Instrument: OIL WTI

Technical Analysis

Bullish Preference: 
buy position is envisaged if the price trades above 72.89 with take profit at 73.42
Bearish Preference: 
sell position is envisaged if the price trades below  72.37 with take profit at 72.19
No Fundamentals  

Oil prices rose in early Asian trade on Tuesday, extending gains into a third straight session as markets bet on an improvement in U.S. fuel demand ahead of the memorial day weekend, while a positive tone from lawmakers on raising the debt ceiling also aided sentiment. U.S. gasoline futures shot up this week as markets bet that fuel consumption will pick up with the start of the summer season, which is usually marked by memorial day weekend.  A sustained drop in U.S. gasoline inventories over the past two weeks also indicated that demand was picking up. This, coupled with disruptions in Canadian supply due to wildfires in the oil-rich Alberta province, pointed to tighter oil markets in the coming months.

Analysis: SCRUM Team

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