Oil Oversupplied!
Oil is headed for a second weekly decline as concerns about a supply surplus outweigh concerns about supply disruptions. Brent is below $60 (down >2% this week) and WTI is around $56; many major traders see an oversupplied market early next year, with Trafigura even projecting Brent to remain in the $50s until mid-2026.
Oil is down around 20% this year due to rising supply (OPEC+ and other producers) while demand is weak. With the year-end holidays approaching, trading volumes are thinning, and prices could become more volatile (asd).
The oil price at the time of this analysis is $59.36
- Buy if the price moves within the $59.93 range
- Sell if the price moves within the $59.73 range
Resistance 2: $59.88
Resistance 1: $59.67
Support 1: $59.40
Support 2: $59.25
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
