Oil prices plummet, market awaits US government reopening
Oil prices plummeted, weighed down by oversupply in the market, while expectations that the end of the longest-ever US government shutdown could boost oil demand curbed losses.
Brent crude futures fell 60 cents, or 0.9%, to $64.56 a barrel at 10:07 GMT after rising 1.7% on Tuesday.
U.S. West Texas Intermediate crude fell 62 cents, or about 1%, to $60.42 a barrel, after rising 1.5% in the previous session.
"Overall, both WTI and Brent remain subdued, with short-term speculative trading dominating most of the activity," said Ole Hansen, head of commodity strategy at Saxo Bank.
Brent oil prices were at $64.57 at the time of writing.
- Buy if the price moves within the $64.50 range.
- Sell if the price moves within the $64.67 range.
Resistance 2: $64.87
Resistance 1: $64.72
Support 1: $64.42
Support 2: $64.27
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
