Market Analyst: Oil Under Pressure, Market Welcomes Positive Signals from Doha
Oil prices weakened in trading on Thursday (July 2nd), as investors looked for signs of progress in indirect negotiations between the United States and Iran. This development eased concerns about disruptions to oil supplies from the Middle East, leading to a reduction in geopolitical risk premiums.
Brent for September fell 1.4% to US$70.47 per barrel, hitting its lowest level since February 27th, heading for its fourth consecutive weekly decline. Meanwhile, WTI for August fell 1.5% to US$67.54 per barrel. Price pressure increased after US President Donald Trump said talks with Iran in Qatar were going well. (asd)
Oil Price at the Time of This Analysis: $71.21
- Buy if the price moves to $71.25
- Sell if the price moves to $70.49
Resistance 2: $72.37
Resistance 1: $71.61
Support 1: $70.09
Support 2: $69.33
Note: This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id