Instrument: OIL
Bullish Preference:
A buy position is envisaged if the price trades above 82.98 with take profit at 83.14
Bearish Preference:
A sell position is envisaged if the price trades below 81.61 with take profit at 81.40
Fundamentals:
No High Impact Beating to this Instrument
Comment:
The United States remains confident that the Group of Seven’s price cap on Russian oil is working to squeeze Moscow’s revenues and stabilize energy markets despite a recent upturn in prices, a senior U.S. Treasury official said on Thursday.
In remarks prepared for a London conference, acting Assistant Secretary for Economic Policy Eric Van Nostrand hailed the price cap as a successful part of the multilateral sanctions regime imposed on Russia over its invasion of Ukraine, and said Washington and its partners were working to thwart any evasion.
Analysis: SCRUM Team