US Stockpiles Rise, Oil Prices Fall
Oil prices fell slightly after a report showed a sharp rise in US crude inventories. Brent for January delivery was trading at around US$64.6 per barrel, while WTI for December was at around US$60.4. Data from the American Petroleum Institute showed an increase in inventories of around 4.4 million barrels, which could push US oil stocks to their highest level in more than five months, although the market is also still monitoring the impact of Western sanctions on Russian producers Rosneft and Lukoil.
Trendwise, oil has weakened this year due to concerns that global supply will exceed demand. The IEA predicts a potential oversupply next year, supported by high production from OPEC+ and other countries, while nearly 1.4 billion barrels of oil are currently being transported or stored on tankers. As a result, oil prices remain stuck in a narrow range, sandwiched between the supply surplus and geopolitical risks from Russia. (asd)
Brent oil prices were at $64.56 at the time of writing.
- Buy if the price moves within the $64.66 range
- Sell if the price moves within the $64.56 range
Resistance 2: $64.87
Resistance 1: $64.77
Support 1: $64.46
Support 2: $64.36
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
