Instrument: OIL
Bullish Preference:
A buy position is envisaged if the price trades above 84.74 WithTake profit at 85.02
Bearish Preference:
A sell position is envisaged if the price trades below 84.11 with Take profit at 83.79
Fundamentals:
No major Fundamental
Comment:
Oil edged lower on Tuesday as the market waited to see if Iraqi oil exports resume, which could ease the supply tightness caused by the OPEC+ cut, while a faltering Chinese economy continued to undercut the global demand outlook. Iraq’s oil minister Hayan Abdel-Ghani arrived in the Turkish capital Ankara to discuss several issues including the resumption of oil exports through the Ceyhan oil terminal, a source in the minister’s office told Reuters on Monday.
Analysis: SCRUM Team