Oil Holds High, Iran Market Pricing Risks
Oil held steady after its biggest release since October, fueling concerns that the US-Iran conflict could escalate. Brent held above $70, while nuclear negotiations remained deadlocked and political pressure mounted.
Additional sentiment came from the uncertainty surrounding the Ukraine-Russia issue, a potential slowdown in Russian production, and a 609,000-barrel drop in US oil stocks, according to the API (official data to follow). (asd)
Oil price at the time of this analysis was $69.92
- Buy if the price moves below $69.95
- Sell if the price moves below $69.84
Resistance 2: $70.12
Resistance 1: $70.01
Support 1: $69.68
Support 2: $69.57
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