Brent Drops, Market Holds Breath Ahead of US-Iran Talks
Brent oil prices weakened in recent trading. This movement occurred ahead of the US-Iran nuclear talks in Geneva, so the market tended to hold positions while assessing whether negotiations could ease tensions and reduce the risk premium that had previously boosted prices.
On the other hand, pressure also came from supply expectations: the market was still pricing in the potential for OPEC+ to increase production again starting in April in anticipation of summer demand, thus limiting Brent's upside. Coupled with thin liquidity conditions (several Asian markets were closed), prices were more likely to fluctuate within a narrow range.(alg)
The oil price at the time of this analysis is $67.36
- Buy if the price moves below $67.45
- Sell if the price moves below $67.31
Resistance 2: $67.68
Resistance 1: $67.54
Support 1: $67.26
Support 2: $67.12
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider the influence of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
