Oil Begins to Weaken: A Signal of Danger or an Opportunity?
Oil prices weakened due to concerns about a global economic slowdown that could suppress energy demand. Pressure stems from the potential for a new trade war, tariff policies, and economic uncertainty in major consuming countries, causing market participants to become more cautious about the future outlook for oil demand.
On the supply side, global oil production remains relatively high, particularly from the United States and several non-OPEC countries. This abundant supply has eased concerns about supply shortages, thus suppressing oil prices even though geopolitical risks still loom over the market. (az)
Oil price at the time of this analysis is $63.66
- Buy if the price moves within the $63.76 range
- Sell if the price moves within the $63.56 range
Resistance 2: $63.96
Resistance 1: $63.86
Support 1: $63.46
Support 2: $63.36
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
