Oil Weakens, Here's What to Expect!
Brent is currently around $67.3/barrel, still under pressure after selling in recent sessions. Key sentiment: The market is starting to take a premium on Middle East risk as focus shifts to the outcome of the US-Iran nuclear talks in Oman—if tensions ease, the risk of supply disruptions through the Strait of Hormuz will also decrease.
From a fundamental perspective, several factors are holding oil's gains in check: analysts believe geopolitical fears could be outweighed by weaker fundamentals, including improving supply (e.g., Kazakhstan's potential recovery in output) and a market narrative returning to oversupply. On the other hand, US stockpile data provided a cushion—the EIA reported a decline in crude oil inventories—so today's movement is likely headline-driven: Oman's results plus supply/stock updates will determine the next direction. (asd)
Oil price at the time of this analysis was $67.50
- Buy if the price moves within $67.90
- Sell if the price moves within $66.52
Resistance 2: $68.92
Resistance 1: $68.40
Support 1: $66.38
Support 2: $66.00
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
