Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 66.23 with take profit at 66.44.
Bearish Preference:
Sell position is envisaged if price trades below 65.56 with take profit at 65.29.
Fundamentals:
3:30pm USD Crude Oil Inventories
Comment: Oil was down Wednesday morning in Asia, as investors digested an Organization of the Petroleum Exporting Countries and its allies (OPEC+) decision to increase crude oil supply. The cartel’s decision comes as the surge of COVID-19 cases in countries including India continues to cast a shadow over fuel demand.
Analysis: SCRUM Team