Oil Bullishness Likely to persist or Hangover about to end..

٣ أبريل ٢٠٢٠

We have seen that a massive upsurge in the oil prices in last trading session where oil has gained more than 55/BBL to touch highest level of 227.39/BBL, however this momentum was not sustainable and plummet from highest level to currently trading at 224.06/BBL 11:02AM (Pakistani Time). Therefore, this came to in a choppy session which force it to oscillate in range of $19 - $25 /bbl. This massive jump in the oil resulted amid news coming from USA regarding table talks between Saudia and Russia to build consensus about cut down the production by approx 10mn barrel a day to stabilize the oil prices, on the contrary, Russia officials didn't confirm this meeting yet which put pressure on Oil prices and force down to 224/BBL since the highest level.

STANCE would be "Stay Cautious" in long trades, oil will come down below 220/BBL mark and hit 115/BBL in our view. We are still intact with our initial stance on oil.

#Stockiest91