Brent Holds at $65, Market Awaits EIA Data Tonight
Oil prices moved steadily on Wednesday afternoon (August 13, WIB) after yesterday's slight decline, with Brent holding around $65 per barrel and WTI nearing $63. Market sentiment was mixed: a more benign US CPI report reinforced hopes for a Fed rate cut next month, but the API report showing an increase in crude stockpiles of around 1.5 million barrels maintained caution. Market participants await confirmation from the EIA tonight (approximately 9:30 PM WIB) as well as the release of PPI and retail sales data to gauge the direction of energy demand going forward.
Technically, Brent is still consolidating; the nearest resistance is seen at $66.00–$66.60 before the $67.20 area, while support is at $65.40–$65.00.
Brent oil prices at the time of writing were at $65.79/Try Once.
- Buy if the price moves to around $65.84
- Sell if the price moves around $65.74
Resistance 2: $66.04
Resistance 1: $65.89
Support 1: $65.68
Support 2: $65.52
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Please consider fundamental and technical aspects of trading before making any investment decisions.
Source: Newsmaker.id
