Oil Under Pressure from Surge in US Data
The latest data from the Energy Information Administration (EIA) shows that US oil production reached approximately 5.2 million barrels last week, a significant increase after a previous decline of 6.9 million barrels. Furthermore, increased production from non-OPEC+ countries such as Brazil, Canada, and Guyana also added pressure on Brent prices, which are currently hovering around USD 63–64 per barrel.
Reports from Reuters and the International Energy Agency (IEA) predict that the global supply surplus will persist until 2026, due to abundant production and weakening consumption in developed countries. "Demand that is not keeping pace with the surge in production is keeping the market oversupplied," the IEA report stated. (mrv)
The Brent oil price at the time of writing was $63.51.
- Buy if the price moves within the $63.60 range
- Sell if the price moves within the $63.40 range
Resistance 2: $63.79
Resistance 1: $63.66
Support 1: $63.35
Support 2: $63.21
Disclaimer:
This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
