Brent Oil Holds as Market Monitors US-Iran
Brent prices held steady on Thursday (February 26th), with the market remaining on hold ahead of the US-Iran talks in Geneva. A geopolitical risk premium remains in place—investors believe the outcome of the negotiations could determine whether tensions ease or trigger the risk of supply disruptions from the Middle East.
However, Brent's upside is also being constrained by US fundamentals, particularly a surge in crude oil inventories that far exceeded expectations. This increase in inventories typically signals ample domestic supply, thus holding back a more aggressive rally despite heated geopolitical headlines. At the same time, the market is also monitoring Saudi Arabia's contingency plans and the OPEC+ agenda regarding potential production increases, which could act as a cushion in the event of a supply disruption. (alg)
The oil price at the time of this analysis is $70.79
- Buy if the price moves below $70.81
- Sell if the price moves below $70.78
Resistance 2: $70.86
Resistance 1: $70.83
Support 1: $70.77
Support 2: $70.74
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
