Oil Weakens, But Still Gains Weekly
Newsmaker.id - Oil prices weakened slightly in early trading on Friday (July 10th), but remained on track for weekly gains. This movement occurred as the market continued to monitor tensions between the United States and Iran, which are continuing to launch attacks on each other, making the risk of energy supply disruptions from the Middle East a major concern.
Brent fell 6 cents, or 0.08%, to US$76.24 per barrel at 01:25 GMT. Meanwhile, West Texas Intermediate (WTI) fell 4 cents, or 0.06%, to US$72.04 per barrel. Despite the slight correction, Brent is still on track for a gain of around 6% this week, while WTI has the potential to gain around 5%.
Brent Price at the Time of This Analysis' Release: $76.43
- Buy if the price moves to $76.38
- Sell if the price moves to $76.50
Resistance 2: $76.63
Resistance 1: $76.55
Support 1: $76.35
Support 2: $76.30
Note: This article is analytical in nature and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id