Oil Prices Rise, Oversupply Remains a Weigh
Oil prices rose on Wednesday after falling to a one-month low in the previous session, although expected oversupply and a potential Russia-Ukraine peace deal limited gains.
"The market remains fundamentally biased to the downside, with investors increasingly pricing in oversupply by 2026 and the absence of compelling demand catalysts to offset it.
Oil price at the time of this analysis was $61.845
- Buy if the price moves within $61.830
- Sell if the price moves within $61.855
Resistance 2: $61.889
Resistance 1: $61.867
Support 1: $61.823
Support 2: $61.801
Disclaimer: This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id