Oil Rises, But Threatened by Supply Overwhelm
Oil prices rose to $62 after the US seized a sanctioned tanker off Venezuela and Ukraine attacked Russian “shadow fleet” vessels, adding to the geopolitical risk premium. Venezuela holds the world’s largest oil reserves, while recent data showed US crude stockpiles fell by 1.8 million barrels, providing some support for prices.
However, from a fundamental perspective, analysts still see the threat of a “super glut” due to rising OPEC+ and US production, which could potentially exceed demand. Therefore, even though geopolitical tensions are driving prices up in the short term, many market participants expect Brent to remain stuck in the $60–$65 per barrel range with relatively limited room for upside. (asd)
The oil price at the time of this analysis is $62.36
- Buy if the price moves within the $62.79 range
- Sell if the price moves within the $61.81 range
Resistance 2: $64.12
Resistance 1: $63.14
Support 1: $61.18
Support 2: $60.20
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
