Global Supply Expands, Brent Prices Under Pressure!
Brent oil prices have fallen relatively sharply as the market begins to consider the possibility of an end to the Russia-Ukraine conflict. If the war subsides, Russian oil exports, previously restricted by sanctions, could re-enter the market, adding to the already abundant global supply. This situation is putting pressure on prices even though global demand remains stable.
On the other hand, other geopolitical tensions, such as the situation in Venezuela, remain a factor influencing the market. However, the potential for increased supply from countries like Venezuela and Russia is keeping investors cautious. The combination of large supply and long-term geopolitical uncertainty keeps Brent prices volatile but relatively stable. (az)
The oil price at the time of this analysis is $59.98
- Buy if the price moves within the $60.08 range
- Sell if the price moves within the $59.88 range
Resistance 2: $60.38
Resistance 1: $60.23
Support 1: $59.73
Support 2: $59.58
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
