Instrument: OIL WTI
Bullish Preference:
A buy position is envisaged if the price trades above 71.63 with take profit at 72.01
Bearish Preference:
A sell position is envisaged if the price trades below 71.11 with take profit at 70.87
Fundamentals:
No major fundamental
Comment:
Oil prices rose on Tuesday after China cut benchmark lending rates in a potential boost to growth but oil demand was seen rising less than expected this year, in a mixed picture for consumption by the world’s largest crude importer.China’s fuel oil imports eased slightly in May after hitting a decade-high in April. The Chinese government met last week to discuss measures to spur growth in the economy, and several major banks have cut their 2023 economic growth forecasts for China amid concerns its post-COVID recovery is faltering. Higher interest rates reduce appetite for spending and can drive down oil demand
Analysis: SCRUM Team