Global Sentiment Shifts, Oil Prices Fall
Global crude oil prices weakened amid growing market concerns about slowing global demand. Recent economic data from several countries showed pressure on manufacturing activity and energy consumption, primarily due to prolonged high interest rate policies. Expectations that major central banks will maintain tight monetary policies have cast a shadow over the global economic growth outlook, thus depressing the short-term oil demand outlook.
In addition to demand factors, pressure also comes from the supply side and US dollar sentiment. A stronger dollar makes oil traded in that currency more expensive for non-dollar buyers, thus reducing buying interest. At the same time, the market assesses that global supply remains relatively adequate, both from production from non-OPEC countries and the potential for increased exports from major producers.
The oil price at the time of this analysis was $59.83
- Buy if the price moves within the $59.88 range
- Sell if the price moves within the $59.78 range
Resistance 2: $60.16
Resistance 1: $60.02
Support 1: $59.72
Support 2: $59.63
Disclaimer: This article is analytical and not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
