Brent Oil Wary of This Data...
Brent prices stabilized after a slight increase, while WTI fell to its lowest level since February, indicating that supply conditions are less tight than before and the market is starting to sense a surplus.
From a geopolitical and demand perspective, India is in the spotlight following signals of a trade deal with the US and claims it will stop buying Russian oil.
Market participants await key releases: the OPEC monthly report and the IEA annual outlook on Wednesday, followed by the IEA monthly snapshot on Thursday.
Brent oil price at the time of writing was at $63.69
- Buy if the price moves within the $63.59 range
- Sell if the price moves within the $63.79 range
Resistance 2: $63.99
Resistance 1: $63.84
Support 1: $63.54
Support 2: $63.39
Disclaimer: This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions.
Source: Newsmaker.id