US Tariffs Pressure Oil Prices
Newsmaker.id - Brent oil prices fell on Friday (July 24th) after briefly breaking US$100 per barrel in the previous session. Brent for September delivery fell to US$96.68 per barrel, while WTI weakened 3.5% to US$88.93 per barrel.
The decline in oil prices was triggered by concerns about the global demand outlook after the United States reimposed import tariffs. This policy is considered to have the potential to depress trade activity and global economic growth.
The US government will impose tariffs of 10% to 12.5% on imports from most major trading partners. This sentiment has shifted market attention from supply risks to potential weakening energy consumption.
Despite the correction, Brent is still heading for a weekly gain of more than 10%. Oil prices continue to receive support from the Middle East conflict and Houthi attacks on tankers in the Red Sea.
Oil price at the time of this analysis: $92.34
- Buy if the price moves to $92.25
- Sell if the price moves to $92.40
Resistance 2: $92.73
Resistance 1: $92.55
Support 1: $92.20
Support 2: $92.05
Note: This article is analytical in nature and not a definitive reference. Please consider the impact of fundamental and technical developments on your trading before making any investment decisions.
Source: Newsmaker.id
