Oil Prices Weaken, Market Pressured by US Stockpiles and Global Tensions
Oil prices fell on Wednesday after the market responded to an expected increase in US crude inventories. Brent crude fell to $64.13 per barrel, while US WTI crude weakened to $59.72 per barrel. This pressure offset positive sentiment from the temporary production shutdown at two large Kazakh fields, Tengiz and Korolev, which had previously boosted prices.
Market sentiment was also overshadowed by geopolitical tensions after US President Donald Trump reiterated his ambition to control Greenland and threatened new tariffs against European countries. Furthermore, escalating tensions between the US and Iran also drew investor attention. While the potential for increased inventories weighed on prices, the risk of conflict remains. (az)
The oil price at the time of this analysis is $63.73
- Buy if the price moves within the $63.83 range
- Sell if the price moves within the $63.63 range
Resistance 2: $64.03
Resistance 1: $63.93
Support 1: $63.53
Support 2: $63.43
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
