Oil Steady, Greenland-Iran in Focus
Global oil prices remained stable around the WTI level near $60 per barrel and Brent around $64 per barrel due to positive market sentiment and a weakening US dollar, which made oil cheaper for foreign buyers and helped cushion downward pressure on prices. US economic data showing stronger-than-expected growth also supported risk-on sentiment in the market.
However, crude oil stocks in the United States increased more than expected, adding around 3.6 million barrels, pushing holdings to their highest level in recent memory. Furthermore, the return of supplies in the Mediterranean and Black Sea regions, as well as the influx of Venezuelan oil into the global market, also contributed to market pressure. (az)
The oil price at the time of this analysis is $63.91
- Buy if the price moves below $64.01
- Sell if the price moves below $63.81
Resistance 2: $64.31
Resistance 1: $64.16
Support 1: $63.66
Support 2: $63.51
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
