Oil Vulnerable to Falling Again?
Oil prices weakened again in Asian trading despite initial support from geopolitical issues. Brent fell to $65 per barrel and WTI to $61, pressured by the IEA's projection that global production will surge to 2.7 million barrels per day in 2025. Concerns about sluggish demand in the US also reinforced signals that the market could face a supply glut in the near future.
Although expectations of a Fed interest rate cut weakened the dollar and gave oil prices some room to recover, pressure remains dominant. The US push for the G7 to impose higher tariffs on buyers of Russian oil, particularly India and China, adds another layer of geopolitical risk. However, the market is still focused on the fragile balance between the prospect of a supply surplus and support from external factors. (ayu)
Oil price at the time of writing is at $65.90
- Buy if the price moves within $66.00
- Sell if the price moves within $65.85
Resistance 2: $66.20
Resistance 1: $66.10
Support 1: $65.75
Support 2: $65.65
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
