Oil Prices Attempt to Recover!
Oil prices rose slightly on Monday in the American session (August 11) ahead of the Trump-Putin meeting in Alaska to discuss the Ukraine war, with the threat of tighter sanctions if peace fails. Brent prices are currently trading at $66.94 per barrel.
However, gains are being held back by abundant supply, including new production in Guyana, high supplies from South America, and UBS's projection of cutting its year-end Brent target to $62 per barrel.
Sentiment is also being weighed down by weak Indian demand, a potential pause in OPEC+ production increases, US import tariffs that could slow the global economy, and Chinese data showing a larger-than-expected decline in producer prices. These factors are keeping oil price movements limited.
Brent oil prices are at $66.94 per barrel at the time of writing.
- Buy if the price moves to around $67.00
- Sell if the price moves around $66.88
Resistance 2: $67.10
Resistance 1: $67.00
Support 1: $66.88
Support 2: $66.78
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions. (ayu)
Source: Newsmaker.id
