Brent Oil Remains Weak, Market Warns of Oversupply
Brent oil prices stabilized below US$59 per barrel after several days of sharp declines. Market concerns about a global oversupply, driven by the return of production from OPEC+ and other producers, have prevented prices from recovering despite geopolitical concerns from Venezuela.
Investors are also monitoring global political and economic risks, including a potential peace deal in Ukraine that could ease Russian oil exports. These conditions have kept Brent on track for an annual decline, with market participants holding back while awaiting clearer supply and demand trends. (az)
Oil price at the time of this analysis was $59.31
- Buy if the price moves within $59.41
- Sell if the price moves within $59.21
Resistance 2: $59.61
Resistance 1: $59.51
Support 1: $59.11
Support 2: $59.01
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
