Morning Insights 13th September

Simon Alagbe


Instrument: OILS

The influence of Hurricane Ida led to a gap up on the commodity after the revelation that the hurricane had a larger impact on oil production much more than on refinery demand. The hurricane is expected to reduce output in excess of 30 million barrels, which would be an enormous boost for the price of black gold. The Organization of Petroleum Exporting Countries (OPEC) is expected to release its monthly assessment of worldwide conditions and the effect of Covid-19 cases on the global demand for crude oil.


The instrument is trading around a verified support zone (73.53) where a movement to the downside is expected, with a target at 72.95 and stop-loss at 73.87. 


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