Oil Heaves a Breather: Temporary Calm, Geopolitical Storm Looming?
Oil prices began to stabilize in Asia after a sharp four-day rally, with Brent holding around $65 per barrel and WTI below $61. The market appears to be holding back while awaiting clarity on geopolitical direction, particularly the US stance on Iran, after a rapid surge that caught many bearish positions off guard.
Beneath this calm, risks remain significant. Iran tensions, Venezuelan issues, and security disruptions on Kazakhstan's export routes are supporting risk premiums, while rising US oil stocks are holding back any potential for further rally. Oil is now being pulled in two directions—and any geopolitical escalation could quickly shatter this "calm before the storm" phase. (az)
The oil price at the time of this analysis is $64.71
- Buy if the price moves within the $64.81 range
- Sell if the price moves within the $64.61 range
Resistance 2: $65.01
Resistance 1: $64.91
Support 1: $64.51
Support 2: $64.41
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