OPEC+ Triggers Oil Pressure
Oil prices fell sharply after news that OPEC+ would discuss increasing production, with WTI falling to $64.07 and Brent to $67.71. Concerns about a supply surplus are growing, especially coupled with weak US economic data.
Analysts consider this move risky because it could quickly lead to market oversupply. Coupled with geopolitical tensions from Russia to Venezuela, the future direction of oil prices remains uncertain.
Oil prices at the time of writing are at $67.62
- Buy if the price moves around $67.72
- Sell if the price moves around $67.52
Resistance 2: $67.92
Resistance 1: $67.82
Support 1: $67.42
Support 2: $67.32
DISCLAIMER
Note: This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions. (ayu)
Source: Newsmaker.id
