Oil Steady Amid Risks & Supply Recovery
Oil prices held steady, with Brent at $65.85, even as investors weighed the recovery of Black Sea exports and potential supply disruptions from Iran. The Caspian Pipeline Consortium has reactivated a key export route, while hedge funds remained bullish as geopolitical risks remained high.
Extreme weather in the US also impacted energy markets: an Exxon refinery in Texas was partially shut, and natural gas demand surged. Amid rising global supply, traders remained cautious about potential oversupply. (az)
Oil price at the time of this analysis was $65.10
- Buy if the price moves below $65.20
- Sell if the price moves below $65.00
Resistance 2: $65.50
Resistance 1: $65.35
Support 1: $64.85
Support 2: $64.70
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