Technical Analysis:
Currently trading around 77.25 price has give a MSS to the upside and is coming to discount in 1H tf. We can look for buying opportunities from here if price gives us a MSS on 5-15min tf around our zone.
Fundamentals:
Oil prices weakened early on Friday after the U.S. reported a key inflation measure eased last month, firming expectations for a September interest rate cut.
West Texas Intermediate crude oil for September delivery was last seen down US$0.40 to US$77.88 per barrel, while September Brent crude, the global benchmark, was down US$0.53 to US$81.84.
The US Bureau of Economic Analysis on Friday reported the June Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred inflation measure, rose at a 2.5% annualized pace, down from 2.6% in May and in line with expectations, according to Marketwatch. The core rate, excluding volatile food and energy was at 2.6% annualized, unchanged from May and also in line with expectations.
The data follows on Thursday's release of second-quarter GDP data, which showed the U.S. economy grew 2.8%, well above expectations for a 2.1% rise, and 235,000 initial jobless claims, in line with expectations.
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