Brent Nears $66!
Brent Dec rose 0.8% to $65.96 and WTI Nov +0.9% to $62.27. API reported a Cushing -1.8 million bbl decline in product stocks, while national crude stocks are expected to rise but remain near seasonal lows—enough to provide a price floor.
In global supply, OPEC+ continues to increase production and US output is heading toward a record; Ukrainian drone attacks on Russian infrastructure are boosting crude exports. Glut risk remains, but the market is waiting for evidence of rising inventories; as long as stocks are tight, the price bias is bullish.
The Brent oil price at the time of writing was $65.97
- Buy if the price moves within $66.02
- Sell if the price moves within $65.92
Resistance 2: $66.23
Resistance 1: $66.12
Support 1: $65.82
Support 2: $65.72
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
