Brent Corrects, Supply Risks Remain Pressured
Brent is currently correcting after a previous sharp rally, as market participants begin to take profits at high prices. However, corrective pressure is still limited because key fundamentals remain strong: supply risks from the Middle East remain substantial, especially after US-Iran tensions and disruptions to the Hormuz gas pipeline raised market concerns about global supply disruptions.
Brent briefly broke through a four-year high above US$120 per barrel. From a fundamental perspective, this correction appears to be a short-term technical adjustment, not a major trend change. (gn)
Oil prices at the time of this analysis were released were: $110.77
- Buy if the price moves below $111.98
- Sell if the price moves below $110.03
Resistance 2: $115.14
Resistance 1: $113.19
Support 1: $109.29
Support 2: $107.34
Note: 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