Brent and WTI Slightly Decline Amid Middle East Supply Risks
Oil prices weakened on Wednesday (May 13), snapping three days of gains. This occurred amid market caution awaiting developments on the fragile ceasefire in the Middle East and ahead of the meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing.
Brent fell 0.2% to US$107.58/barrel and WTI fell 0.4% to US$101.79/barrel, but both remained above US$100 since the US-Israel war with Iran broke out in late February and the effective closure of the Strait of Hormuz. Downward pressure was curbed after the IEA warned that global supply this year is at risk of not meeting demand due to production disruptions in the Middle East and indications of a decline in inventories in the past two months, amid falling Russian production. (asd)
The oil price at the time of this analysis was released was: $107.16
- Buy if the price moves below $107.58
- Sell if the price moves below $106.89
Resistance 2: $108.69
Resistance 1: $108.00
Support 1: $106.62
Support 2: $105.93
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