Brent Market Chaos, Turns Out This Is the Culprit!
Oil prices fell again after posting their biggest weekly decline since early October, as the market assessed the chances of a Ukraine-Russia peace deal being reached. The agreement could pave the way for increased oil supply from Russia, adding pressure to an already oversupplied market. Brent traded at $61.84 per barrel, while WTI hovered below $58.
Market participants were also watching for a potential easing of sanctions against Russia if negotiations progressed, which could worsen the projected oil surplus next year.
With OPEC+ and American producers continuing to increase production, market sentiment remained bearish. At the start of the Asian session, Brent fell 0.4% to $62.34, while WTI weakened 0.3% to $57.88 per barrel. (asd)
The oil price at the time of this analysis was $61.84
- Buy if the price moves within $61.92
- Sell if the price moves within $61.72
Resistance 2: $62.22
Resistance 1: $62.02
Support 1: $61.62
Support 2: $61.42
Disclaimer:
This article is analytical in nature and does not constitute definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
