Putin and Trump Meeting in Focus!
Oil prices weakened following the Trump-Putin meeting in Alaska today. Brent fell 0.93% to $66.18/barrel at the time of writing.
The market is weighing the possibility of a ceasefire in Ukraine, which could lead to the easing of Russian oil sanctions, versus a stalemate that risks triggering secondary US sanctions.
Sentiment is also being weighed down by weak Chinese data (falling factory output, slowing retail sales) and concerns about a supply surplus as OPEC+ production increases. The IEA assesses that the market is likely oversupplied, making the price rally easily contained.
Oil prices at the time of writing were at $66.18/barrel.
- Buy if the price moves to around $66.23
- Sell if the price moves around $66.13
Resistance 2: $66.33
Resistance 1: $66.23
Support 1: $66.13
Support 2: $66.03
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.(ayu)
Source: Newsmaker.id