Brent Strengthens on Global Supply Risks
The rise in Brent crude prices was driven by increasing global supply risks, primarily due to geopolitical tensions in the Middle East. The US-Iran issue, potential further sanctions, and the threat of distribution disruptions in strategic routes such as the Strait of Hormuz have led the market to incorporate a geopolitical risk premium into Brent prices.
Furthermore, OPEC+'s cautious policy of increasing production has kept supply tight, so any potential disruptions have a significant immediate impact on prices. On the demand side, Brent is also supported by expectations of relatively solid global demand, particularly from Asia and the transportation sector. The limited weakening of the US dollar and increased hedging activity by market participants have also strengthened bullish sentiment. (alg)
The oil price at the time of this analysis is $64.46
- Buy if the price moves within the $64.56 range
- Sell if the price moves within the $64.36 range
Resistance 2: $64.76
Resistance 1: $64.66
Support 1: $64.26
Support 2: $64.16
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
