Oil Falls, Market Seeks Direction
Oil prices reversed after a four-day rally as the market sought certainty about supply. Investors were also monitoring the impact of US President Donald Trump's decision to remove Fed Chair Lisa Cook, which sparked concerns about the central bank's independence and dampened risk appetite.
Fundamentally, oil prices remain within a narrow range. OPEC+ has increased production in recent months (including around 547,000 bpd for September), while the IEA warned of the risk of a surplus heading into 2026 despite supply disruptions caused by Ukraine's attack on Russian energy infrastructure. The combination of rising supply and geopolitical uncertainty makes the oil rally susceptible to deterrence, especially if the US economy weakens and energy demand declines.
Oil prices at the time of writing were at $68.45/Toz.
- Buy if the price moves around $68.55
- Sell if the price moves around $68.35
Resistance 2: $68.85
Resistance 1: $68.70
Support 1: $68.20
Support 2: $68.05
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions.
Source: Newsmaker.id