Brent Drops as Demand Weakens
Brent oil fell again on Wednesday (October 29th) as the market monitored that supply was still too much for demand. Investors began to doubt that new US and European sanctions on major Russian oil companies would actually cut supply, as Russia can usually still re-channel exports to other countries.
At the same time, OPEC+ was discussing plans to increase production again after slowly opening the tap in recent months. So the market took a simple signal: supply could increase, the risk of supply disruptions might not be as severe as feared, and global demand hasn't yet exploded. As a result, Brent was pushed down by around 2% and is now trading around the mid-$64 per barrel range.
Brent oil price at the time of writing is $63.51
- Buy if the price moves within $63.56
- Sell if the price moves within $63.41
Resistance 2: $63.81
Resistance 1: $63.66
Support 1: $63.31
Support 2: $63.16
Disclaimer:
This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions.
Source: Newsmaker.id
