Global Supply Threatened: Could Prices Surge or Fall?
Oil prices moved cautiously in trading this morning, Tuesday (December 9), amid growing market concerns about the ability of global producers to maintain supply stability. Market participants are beginning to reassess the re-escalating geopolitical risks in the Middle East and Russia, two regions that contribute significantly to global oil supply.
On the demand side, global economic activity data shows mixed signals. The US and several European countries are recording a slowdown in manufacturing, but energy demand in Asia, particularly China and India, is still showing a gradual recovery. This situation has left the oil market in a "wait and see" phase while assessing the direction of energy consumption towards the end of the year.
The oil price at the time of this analysis is $62.49
- Buy if the price moves within the $62.54 range
- Sell if the price moves within the $62.44 range
Resistance 2: $62.91
Resistance 1: $62.88
Support 1: $62.15
Support 2: $62.07
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
