Oil Prices Drop, Market Wary of OPEC+ Production and Economic Slowdown
Global crude oil prices weakened on Monday (August 11th) as supply concerns eased and hopes for diplomacy between the United States and Russia grew. Brent crude fell -0.37% to USD 66.19 per barrel.
Price pressure also stemmed from expectations of increased OPEC+ production, although actual output from several member countries remains limited due to technical constraints. The market is also monitoring the prospect of slowing global economic growth, which could potentially reduce energy demand.
Oil prices at the time of writing were at $66.19/Try Once.
- Buy if the price moves to around $66.26
- Sell if the price moves around $66.12
Resistance 2: $66.40
Resistance 1: $66.33
Support 1: $66.05
Support 2: $65.98
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Pay attention to fundamental and technical developments in trading before making investment decisions.
Source: Newsmaker.id