Geopolitics Holds Back Oil Prices
Global oil prices fluctuated in today's trading. Market sentiment was torn between concerns about oversupply and the threat of supply disruptions due to geopolitical escalation.
On the supply side, recent data showed that US crude oil inventories increased more than expected. Meanwhile, OPEC+'s decision to gradually ease production cuts also added pressure. However, bullish sentiment has not completely dissipated. The recent attacks on energy facilities in Russia raised concerns about sudden supply disruptions. The potential for new sanctions against Moscow and the escalation of conflict in key energy-producing regions remain factors limiting price weakness. (mrv)
The oil price at the time of writing was $67.65
- Buy if the price moves within the $67.70 range
- Sell if the price moves within the $67.60 range
Resistance 2: $67.90
Resistance 1: $67.75
Support 1: $67.58
Support 2: $67.45
Disclaimer:
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
