Brent Strengthens, Market Warns of Supply Risks
Brent oil prices strengthened on Thursday (November 20th), driven by concerns about supply disruptions amidst still-high geopolitical tensions. Brent moved with daily gains of around 0.3% and has strengthened nearly 4% in the past month.
Positive sentiment stemmed from new sanctions by the United States and its allies against major Russian oil companies, which sparked concerns about supply tightening, as well as a series of Ukrainian drone attacks on Russian energy infrastructure that briefly disrupted export flows from key ports such as Novorossiysk.
On paper, the market remains fraught with geopolitical risks, ranging from the war in Ukraine to tensions in the Middle East, so market participants tend to maintain long positions in Brent to anticipate potential sudden supply disruptions.
The price of silver at the time of this analysis was released was $63.49
- Buy if the price moves within $63.54
- Sell if the price moves within $63.44
Resistance 2: $63.79
Resistance 1: $53.64
Support 1: $63.34
Support 2: $63.19
Disclaimer:
This article is analytical in nature and does not constitute definitive information. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
