Oil Prices Remain Constrained by Geopolitics and Supply
Brent oil prices today remain heavily influenced by two main factors: the global demand outlook and supply issues from major producing countries. On the demand side, the market is still grappling with concerns about a global economic slowdown amidst the interest rate cut cycle of major central banks, such as the Fed and Europe.
On the supply side, Brent prices are held back by geopolitical risk sentiment and signals of a supply glut. Tensions in oil-producing regions (Russia-Ukraine, the Middle East, and policies toward Venezuela and Iran) remain a price-supporting factor, raising the risk of potential supply disruptions. However, at the same time, production from several OPEC+ and non-OPEC countries remains high.
The oil price at the time of this analysis is $63.14
- Buy if the price moves within the $63.19 range
- Sell if the price moves within the $63.09 range
Resistance 2: $63.29
Resistance 1: $63.21
Support 1: $63.08
Support 2: $63.03
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
