Oil Rises Slightly: A Sign of an Ending Surplus or Just a Temporary Rebound?
World oil prices moved slightly higher in today's trading, with Brent rising slightly to around US$62.3 per barrel and WTI around US$58.4 per barrel, as the market weighed geopolitical tensions in Venezuela and Nigeria, plus the risk of supply disruptions that have boosted demand for oil safety. Sentiment remains cautious due to low trading volumes amid the year-end holidays, so price movements are likely to be limited and sensitive to global news.
What This Means for the Market: Despite a small surge in geopolitical momentum, overall oil fundamentals still point to downward pressure due to declining global demand and a relatively stable supply trend, which has put oil on track for a sharp annual decline. The oversupply trend is likely to remain a key focus heading into 2026, while the market remains awaiting US oil inventory data and clearer economic indicators to determine the near-term direction of oil prices. (az)
The oil price at the time of this analysis was $61.84
- Buy if the price moves within the $61.94 range
- Sell if the price moves within the $61.74 range
Resistance 2: $62.14
Resistance 1: $62.04
Support 1: $61.64
Support 2: $61.54
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
