Sharp Drop, Now Stable... Why Oil Prices?
Oil prices tended to stabilize in the Asian session after yesterday's sharpest drop since June. WTI held around US$59/barrel after previously plummeting 4.6%, while Brent remained below US$64 after dropping 4.2%. The market began to reduce its "risk premium" as the US signaled it would not attack Iran anytime soon, alleviating concerns about supply disruptions.
Weekly, oil prices are expected to be nearly flat: they initially rose due to issues surrounding Iran, Venezuela, and export disruptions, then corrected as tensions eased. As long as geopolitical tensions subside, oil's direction will be determined more by fundamental factors such as stocks, export flows, and the strength of global demand. (asd)
The oil price at the time of this analysis is $63.80
- Buy if the price moves within the $63.61 range
- Sell if the price moves within the $63.41 range
Resistance 2: $63.92
Resistance 1: $63.72
Support 1: $63.32
Support 2: $63.12
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