Brent Oil Prices Steady Higher, Investors Eye Global Demand
Brent prices rose on Friday (January 16th) as market sentiment remained positive amid expectations of stable energy demand. This increase was driven by lingering concerns about oil supply from several producing countries, even though global geopolitical tensions have begun to ease. Brent is currently trading slightly higher than its previous close, indicating a cautious but optimistic market.
Furthermore, support came from strengthening global stocks and investor interest in energy commodities. Market participants are also awaiting key data such as weekly US oil stockpiles and OPEC production figures to anticipate changes in supply, which will determine the direction of Brent prices in the coming days.
The oil price at the time of this analysis is $63.92
- Buy if the price moves within the $63.99 range
- Sell if the price moves within the $63.78 range
Resistance 2: $64.16
Resistance 1: $64.07
Support 1: $63.70
Support 2: $63.61
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