Instrument: OIL
Bullish Preference:
A buy position is envisaged if the price trades above 84.64 with take profit at 84.95
Bearish Preference:
A sell position is envisaged if the price trades below 83.46 with take profit at 83.23
Fundamentals:
3:00pm USD Revised UoM Consumer Sentiment
3:05pm USD Fed Chair Powell Speaks
All Day Jackson Hole Symposium
Comment:
Oil prices jumped more than 1% on Friday as the dollar firmed ahead of an eagerly awaited speech by the head of the U.S. Federal Reserve for hints on the outlook for interest rates.Talks between Turkey and Iraq’s semi-autonomous Kurdistan regional government on northern Iraqi crude oil exports are set to continue after officials failed to reach agreement this week on a resumption of exports.Iran’s oil minister, meanwhile, has been quoted by state media as saying he expects the country’s crude oil output to hit 3.4 million barrels per day (bpd) by the end of September, even though U.S. sanctions remain in place.
Analysis: SCRUM Team