Brent Oil Weakens, Market Wary of Demand Outlook
Brent oil prices weakened on Thursday (September 11th), falling towards the $66 per barrel range after a three-day rally ended. Selling pressure emerged as investors weighed the outlook for global energy demand amid economic uncertainty, including the upcoming release of US inflation data and the European Central Bank's monetary policy. Concerns about slowing consumption from China, one of the largest importers, also added to negative market sentiment.
In addition to demand factors, the market is also closely monitoring geopolitical developments and OPEC+ production policies. Although supply remains relatively stable, investors are adopting a cautious stance due to the risk of further weakening towards the end of the year due to a potential surplus. This situation makes it difficult for Brent prices to maintain their upward momentum, with the next direction dependent on key economic data and policy responses from major oil-producing countries.
Oil price at the time of writing is at $67.42
- Buy if the price moves within $67.47
- Sell if the price moves within $66.37
Resistance 2: $67.72
Resistance 1: $67.57
Support 1: $67.27
Support 2: $67.12
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.
Source: Newsmaker.id
