Oil Stable, Market Testing "Deal Risk"
Brent prices tended to weaken slightly in today's Asian session as the market reassessed the chances of US-Iran diplomacy, after the US was reportedly discussing an Iranian proposal that would include reopening energy routes as part of an interim deal. Expectations of "flow normalization" in the coming weeks led some market participants to cut their previously thickened risk premiums, causing Brent to correct, although uncertainty persisted.
However, fundamentally, the correction in Asia was limited by the fact that shipping flows and physical supplies had not fully recovered, so the risk of supply tightening remained if talks stalled again. As long as this situation persists, Brent has the potential to remain headline-driven: any sign of de-escalation could depress intraday prices, but news of supply disruptions or escalating rhetoric could quickly restore the risk premium, especially when the market also factors in the energy inflation channel to global interest rate expectations. (asd)
Oil prices at the time of this analysis were released were: $102.27
- Buy if the price moves below $102.52
- Sell if the price moves below $101.01
Resistance 2: $103.10
Resistance 1: $102.83
Support 1: $100.81
Support 2: $100.34
Caution: This article is analytical in nature and does not constitute definitive reference. Please consider the influence of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
