Oil Focuses on Iran and Venezuela, Brent Remains Stronger
Brent oil prices strengthened amid growing global supply concerns. Geopolitical tensions in the Middle East, particularly the deadly protests and unrest in Iran, have increased the risk of disruptions to oil flows through the Strait of Hormuz, a vital artery for global energy supplies. Investors have begun to position themselves for the possibility of limited supply, pushing Brent prices higher.
On the other hand, the prospect of additional supply from Venezuela has limited further gains. The US government plans to ease sanctions on Venezuelan oil, allowing previously restricted exports to enter the global market. However, political and economic uncertainty in Venezuela has kept major oil companies cautious, keeping Brent prices strong but relatively stable. (alg)
The oil price at the time of this analysis is $62.73
- Buy if the price moves within the $63.06 range
- Sell if the price moves within the $62.61 range
Resistance 2: $63.71
Resistance 1: $63.26
Support 1: $62.36
Support 2: $62.36
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
