Wti Crude Ended Higher By 0.3 Percent Despite The Massive Fall In The Beginning Of The Week And An Uptick In Us Crude Inventorie

Wti Crude Ended Higher By 0.3 Percent Despite The Massive Fall In The Beginning Of The Week And An Uptick In Us Crude Inventorie

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  • Weekly Signals
  • 2021, 26 July

Brief:

Last week, WTI Crude ended higher by 0.3 percent despite the massive fall in the beginning of the week and an uptick in US Crude inventories as bets on surge in global demand following the recovery in global economies kept Oil prices afloat. Oil prices plunged over 7 percent in the beginning of the week as the Organization of Petroleum Exporting Countries and their allies, also known as OPEC+ agreed on increasing Crude supply by 400,000 barrels per day from August’21 to December’21.

However, Crude prices ended the week in the positive territory on hopes of a tighter global Crude market following the resumption in global economies. Expectation of resumption in global demand and an accommodative approach by major central banks might be supportive for Oil in the week ahead.

Suggestion:

Buy above 63.10 for 80 and 86

Else

Sell below 63.10 for 57.20 and 51
 


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