Oil Prices Rise, But Threatened by Another Supply Overhang
Oil prices edged up on Monday, recovering slightly from last week's roughly 4% decline. Brent traded around $61.22 per barrel and WTI at $57.67, driven by concerns about supply disruptions due to escalating U.S.-Venezuela tensions and Ukraine's attack on Russian oil refineries, although the market remains plagued by oversupply concerns.
Venezuelan oil exports reportedly plummeted following the seizure of a tanker and new U.S. sanctions, while Baker Hughes data showed the number of oil and gas rigs in the U.S. fell again. At the same time, Russia-Ukraine peace talks have the potential to increase Russian supply to the global market if sanctions are eased, leaving oil prices caught in a trade-off between supply risks and oversupply concerns. (asd)
The oil price at the time of this analysis is $61.22
- Buy if the price moves within the $61.30 range
- Sell if the price moves within the $61.12 range
Resistance 2: $61.56
Resistance 1: $61.38
Support 1: $61.02
Support 2: $60.84
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
