Geopolitics Heats Up, Oil is on a Hot Topic!
Brent oil prices rose today, reaching $61.58 per barrel, driven by several fundamental factors influencing the market. One is rising geopolitical tensions, particularly related to the threat of a US ground offensive against drug trafficking operations in Latin America.
These tensions have raised concerns about supply disruptions from oil-producing regions, such as Venezuela, which has vast energy reserves. This uncertainty has prompted investors to buy oil as a safe haven, driving prices higher. (asd)
The oil price at the time of this analysis was $61.53
- Buy if the price moves within $61.90
- Sell if the price moves within $61.68
Resistance 2: $62.26
Resistance 1: $62.04
Support 1: $61.60
Support 2: $61.38
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