Oil Rises Again, Venezuela & Russia Make Market Nervous
Oil prices rose for a second day as the market re-introduced a "risk premium" due to geopolitical tensions between Venezuela and Russia. Brent briefly approached $61/barrel before paring gains, while WTI held above $56/barrel. The main triggers were the US's blockade of sanctioned Venezuelan tankers, coupled with the threat of new sanctions on Russia's energy sector if Ukraine peace negotiations stall—all of which raised market concerns about supply disruptions.
Despite the rise, oil remains overshadowed by a major story: global supply is considered to remain overabundant, putting prices at risk of annual declines. In Venezuela, storage facilities and tanker terminals are reportedly filling up rapidly—if they reach a dead end, PDVSA could be forced to reduce production. Maduro has resisted US pressure, while China has expressed support for Venezuela and criticized "unilateral coercion," further escalating tensions and increasing the sensitivity of oil prices. (az)
The oil price at the time of this analysis is $59.83
- Buy if the price moves within the $59.93 range
- Sell if the price moves within the $59.73 range
Resistance 2: $60.13
Resistance 1: $60.03
Support 1: $59.63
Support 2: $59.53
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
