Oil Steady Ahead of Trump-Xi Meeting in Beijing
Oil prices remained stable ahead of the meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing, with the Iran war showing no signs of a swift resolution keeping market participants on hold. In Asia, Brent held below US$106 per barrel after falling 2% in the previous session; as of 8:02 a.m. Singapore time, July Brent was at US$105.52 per barrel and June WTI was relatively flat at US$100.99, while Trump said trade talks would be prioritized even though China is the largest buyer of Iranian oil.
From a fundamental perspective, the IEA assesses that the conflict is rapidly squeezing global inventories and the market risks remaining severely undersupplied through October even if the war ends next month, primarily due to logistical disruptions and limited flows from the Persian Gulf. (asd)
The oil price at the time of this analysis was released was: $105.61
- Buy if the price moves below $105.85
- Sell if the price moves below $105.45
Resistance 2: $106.46
Resistance 1: $106.06
Support 1: $105.26
Support 2: $104.86
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
