Oil Falls, Is US-Iran Peace Real?
Oil prices weakened as Middle East tensions eased and the risk of supply disruptions was deemed to be decreasing. Brent fell below $67, WTI around $63, after US-Iran talks in Oman signaled "progress" and Trump said there would be a follow-up meeting this week.
However, the market is still waiting for certainty: claims that India has stopped importing Russian oil have not been confirmed, while this week OPEC, the IEA, and US agencies will release updates on the global oil balance, which could determine whether the correction stops or continues. (asd)
Oil price at the time of this analysis was $67.66
- Buy if the price moves below $67.70
- Sell if the price moves below $67.49
Resistance 2: $68.01
Resistance 1: $67.80
Support 1: $67.39
Support 2: $67.17
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider the influence of fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id