Instrument: OIL
Bullish Preference:
A buy position is envisaged if the price trades above 85.80 with take profit at 86.07.
Bearish Preference:
A sell position is envisaged if the price trades below 85.14 with take profit at 84.83.
Fundamentals:
No major Fundamental
Comment:
Oil prices rose on Monday as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high-interest rates.
Oil prices typically move inversely in relation to the U.S. dollar, with a weaker dollar making oil purchases less expensive for holders of other currencies and sparking demand.
Analysis: SCRUM Team