Oil Flat, Market Monitors Greenland Drama
Oil traded nearly flat as the market monitored the impact of the Greenland drama, which has fueled concerns about a US-EU trade war. WTI held around $59/barrel, while Brent closed around $63.94/barrel.
However, prices remained under pressure from signals of a global surplus, as supply is believed to be rising faster than demand. However, disruptions in the Black Sea export route and problems at Kazakhstan's Tengiz field provide a thin cushion for short-term supply. (asd)
Oil price at the time of this analysis was $64.17
- Buy if the price moves within $62.99
- Sell if the price moves within $62.89
Resistance 2: $63.24
Resistance 1: $63.09
Support 1: $62.79
Support 2: $62.64
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