Oil Prices Rise, Markets Remain Uneasy
Oil prices rose about 1% on Monday (September 1st) as a weaker dollar and Russia-Ukraine tensions threatened supply, with Brent at $67.97 and WTI at $64.66. Despite the gains, the market remains clouded by the OPEC+ supply surplus and weakening global demand.
Looking ahead, analysts estimate a supply glut of up to 1.6 million barrels per day by the fourth quarter of 2025. Investors are now focused on the OPEC+ meeting and US employment data, which could influence interest rate policy and commodity demand.
Oil prices at the time of writing were at $67.19/Toz.
- Buy if the price moves around $68.03
- Sell if the price moves around $67.92
Resistance 2: $68.13
Resistance 1: $68.03
Support 1: $67.92
Support 2: $67.82
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id