Oil Weakens, Investors Focus on Potential Russia-Ukraine-US Meeting
World oil prices fell on Tuesday (August 19th) amid speculation that a meeting between Russia, Ukraine, and the US could potentially pave the way for the lifting of sanctions on Russian oil, thereby increasing market supply. Brent futures weakened 0.75% to $65.95 per barrel.
This correction occurred after oil previously closed up around 1%. The market was monitoring the latest diplomatic moves, with US President Donald Trump meeting with Ukrainian President Volodymyr Zelenskiy along with European allies and holding direct dialogue with Russian President Vladimir Putin. Trump even stated that he was arranging a direct Putin-Zelenskiy meeting that could evolve into a trilateral format.
Oil prices at the time of writing were at $65.95/Toz.
- Buy if the price moves around $66.00
- Sell if the price moves around $65.90
Resistance 2: $66.30
Resistance 1: $66.15
Support 1: $65.75
Support 2: $65.60
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions. (mrv)
Source: Newsmaker.id