Brent Under Pressure After Rumors of Strategic Reserve Release
Brent prices are currently weakening after the market responded to reports that the IEA is proposing the largest release of strategic oil reserves in history to curb surging energy prices. This news immediately alleviated short-term supply concerns, prompting market participants to consider the potential for additional supply to the global market.
On the other hand, Brent's decline was also triggered by a shift in market sentiment, which is beginning to consider that the previous price surge may have been too aggressive. Although the US-Israel-Iran conflict continues to make energy markets highly volatile, news of a possible emergency stock release has prompted traders to take profits and reduce long positions.
The oil price at the time of this analysis is $85.61
- Buy if the price moves below $86.28
- Sell if the price moves below $85.28
Resistance 2: $87.91
Resistance 1: $86.91
Support 1: $84.91
Support 2: $83.91
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
