Oil Prices Slip, Surging Supply Keeps Markets Cautious
Oil prices fell for the fifth straight day, the longest losing streak since early August. Pressure arose from signals that global supply will increase and potentially create a surplus in the fourth quarter through 2026. Brent is now approaching $66 per barrel, while WTI is hovering around $62.
One factor weighing on prices comes from Iraq, which is expected to soon resume oil exports through Kurdistan after a two-year delay due to a payment dispute. This move could add around 230,000 barrels per day to the international market, reinforcing bearish sentiment amid rising global production.
From a geopolitical perspective, Canadian Prime Minister Mark Carney is pushing Western allies to quickly impose secondary sanctions on Russia, following US President Donald Trump's call for Europe to halt Moscow's energy imports. However, the US is remaining cautious about further pressure on China, the largest buyer of Russian oil.
Brent oil price at the time of writing was $66.14
- Buy if the price moves within $66.24
- Sell if the price moves within $66.04
Resistance 2: $66.54
Resistance 1: $66.39
Support 1: $65.89
Support 2: $65.74
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
