Oil Prices Steady as Iran Risks and Venezuelan Export Outlook Focus Investors
Brent and WTI oil prices remained largely stable in Asian trading on Monday morning (January 12th), after rising more than 3% last week due to escalating geopolitical tensions. Brent was trading around US$63.39 per barrel, while WTI was around US$59.15 per barrel, each slightly up 0.1%. Investors are now weighing the risk of supply disruptions against the possibility of additional supply returning to the market.
Market sentiment remains affected by the unrest and deadly protests in Iran, a key oil producer in the Middle East. Concerns that the conflict could disrupt oil flows through strategic areas like the Strait of Hormuz have kept oil prices supportive of demand.
However, the potential return of oil supplies from Venezuela has also restrained price gains. The US government has indicated the possibility of easing restrictions on Venezuelan oil exports, including access to tens of millions of barrels of previously sanctioned oil, leading the market to see the possibility of additional supply that could offset geopolitical concerns and keep prices stable. (az)
The oil price at the time of this analysis is $63.11
- Buy if the price moves within the $63.21 range
- Sell if the price moves within the $63.01 range
Resistance 2: $63.41
Resistance 1: $63.31
Support 1: $59.91
Support 2: $59.81
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
