Oil Weakens, Supply Looms
Oil prices weakened and are likely to post a consecutive weekly decline due to risk-off sentiment and concerns about oversupply. Brent held steady in the $67s and WTI in the $62s, while the risk of supply disruptions from Iran eased after Trump signaled negotiations could drag on for up to a month.
From a fundamental perspective, pressure comes from the IEA's projection of a potential large surplus in 2026 and EIA data showing a sharp rise in US oil stocks, leading the market to assess increasingly limited room for a rally. The next focus will be on inventory data and geopolitical headlines—whichever is more dominant. (asd)
The oil price at the time of this analysis is $69.45
- Buy if the price moves below $69.43
- Sell if the price moves below $69.25
Resistance 2: $69.72
Resistance 1: $69.54
Support 1: $67.18
Support 2: $67.00
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
