Brent Holds Steady, Investors Choose Waiting Mode
Brent traded steadily on Monday (February 16th), as market participants tended to hold their positions while awaiting clarity from the ongoing US-Iran talks scheduled to continue in Geneva. On the one hand, the possibility of de-escalation could lower geopolitical risk premiums; on the other hand, tensions continue to discourage the market from aggressively taking a stance.
On the supply side, sentiment was also restrained by expectations that OPEC+ would potentially continue production increases starting in April in anticipation of summer demand, limiting Brent's upside. Holiday conditions in some markets also resulted in thinner volumes, making prices more volatile and tending to be range-bound.
The oil price at the time of this analysis is $67.16
- Buy if the price moves below $67.20
- Sell if the price moves below $67.08
Resistance 2: $67.50
Resistance 1: $67.38
Support 1: $66.90
Support 2: $66.78
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
