Oil Stuck at Low Levels
Oil prices remain stuck near their lowest levels in a month, with WTI around US$58 and Brent around US$61 per barrel. The market is clouded by the potential for peace in Ukraine, which could ease sanctions on Russian oil, while the IEA projects a supply glut of up to 4 million barrels per day next year.
US oil inventories did fall by 1.9 million barrels, but this was not enough to lift sentiment. As long as supply remains abundant and demand is weak, the risk of oil prices remaining in the lower zone remains quite high, unless OPEC+ agrees to tighten production again.
The oil price at the time of this analysis was $61.98
- Buy if the price moves within $62.02
- Sell if the price moves within $61.80
Resistance 2: $62.32
Resistance 1: $62.10
Support 1: $61.66
Support 2: $61.44
Disclaimer:
This article is analytical in nature and does not constitute a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
