Market Analysts: Oil Rebounds, Hormuz Remains Focus
Oil prices rebounded in thin trading after previously experiencing sharp selling pressure. Brent crude was hovering around US$72 per barrel, while West Texas Intermediate (WTI) was near US$69 per barrel. Market analysts believe this rebound occurred because the market considered oil prices to be technically undervalued, after the 14-day relative strength index fell below 30, which typically indicates oversold conditions.
However, fundamental pressures continue to loom over the oil market. Shipping flows through the Strait of Hormuz are beginning to normalize, while Saudi Arabian oil exports have recovered to 90% of pre-war levels. (asd)
Oil Price at the Time of This Analysis: $72.18
- Buy if the price moves to $72.55
- Sell if the price moves to $72.29
Resistance 2: $72.91
Resistance 1: $72.65
Support 1: $72.13
Support 2: $71.87
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