Oil Gains Slightly, Focus on Eastern Europe
Crude oil prices rose on Monday, driven by geopolitical tensions in Europe and the Middle East, although market concerns remained over potential additional supply and the impact of trade tariffs on global demand. Brent crude rose 0.67% to $67.13 per barrel, while the October WTI contract rose 0.75% to $63.15 before expiry today. The more active November WTI contract also rose 0.69% to $62.83.
The price surge was triggered by reports that Russia had increased military activity near the Polish border, including a violation of NATO airspace in Estonia and military aircraft activity over the Baltic Sea. This situation has raised fresh concerns about energy security in Europe. Polish air forces were even deployed on Saturday morning as a precautionary measure. These tensions have boosted demand for oil as a risk asset, but concerns over the potential for weakening global demand remain a barrier to further price increases. (ads)
Brent oil price at the time of writing was $67.01
- Buy if the price moves within the $67.11 range
- Sell if the price moves within the $66.91 range
Resistance 2: $67.32
Resistance 1: $67.22
Support 1: $66.81
Support 2: $66.71
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
