Brent Weakens, Pressure Coming from Global Markets
Brent oil prices fell on Tuesday (January 20th) amid growing global market concerns. The main pressure comes from geopolitical and trade issues, particularly the threat of new tariffs from the United States against European countries. This uncertainty has caused market participants to hold positions and reduce risk.
Furthermore, concerns about a supply surplus are also weighing on Brent. Production from OPEC+ countries remains high, while global demand has not shown a strong increase. Although Chinese economic data is quite positive, market sentiment remains fragile, keeping Brent prices under downward pressure for the time being.
The oil price at the time of this analysis is $62.95
- Buy if the price moves within $63.52
- Sell if the price moves within $62.86
Resistance 2: $64.59
Resistance 1: $63.92
Support 1: $62.61
Support 2: $61.92
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
