Oil Falls as Risk Premium Shrinks, Here's the Detail?
Oil prices weakened sharply after signs of a US-Iran deal strengthened, prompting the market to reduce the risk premium that had built up in recent weeks from a supply disruption scenario in the Strait of Hormuz. Brent briefly fell as much as 6.2% to US$97.10 per barrel, while WTI hovered around US$91; as of 11:44 a.m. in Singapore, July Brent was down 5.7% to US$97.69 and WTI was down 5.9% to US$90.89.
However, room for recovery remains limited by uncertainty over the agreement's implementation: Trump asserted that Washington is in no rush and that the blockade will remain in place until a final agreement is reached, while Rubio said diplomacy is still a "work in progress." (asd)
Oil Price at the Time of Release of This Analysis is at $97.83
- Buy if the price moves to $97.53
- Sell if the price moves to $97.88
Resistance 2: $97.09
Resistance 1: $97.44
Support 1: $98.14
Support 2: $98.49
Note: This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on your trading before making any investment decisions.
Source: Newsmaker.id
