Brent Fails to Hold Above, Market Sentiment Shifts
Despite tight short-term supplies, there are concerns that global oil production will increase, including from non-OPEC producers. This expectation has shifted sentiment toward bearishness, particularly for long-term contracts.
Brent has recently been trading at a slight discount to the Dubai Crude price for Asian markets. This is rare and reflects abundant Brent supply for Asia, prompting Asian buyers to shift to the typically cheaper Dubai Crude.
The oil price at the time of writing was $66.69/Toz.
- Buy if the price moves above $66.74
- Sell if the price moves above $66.64
Resistance 2: $66.85
Resistance 1: $66.78
Support 1: $66.59
Support 2: $66.51
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making an investment decision.
Source: Newsmaker.id
