Brent Still Holding On From Bearish Pressure
Brent oil prices opened slightly higher at around US$67.76 per barrel on Monday (August 25th), after Ukrainian drone attacks hit Russian energy infrastructure, including the Ust-Luga export terminal and the Novoshakhtinsk refinery.
These geopolitical tensions have fueled concerns about oil supply disruptions for one of the world's major exporters. Global sentiment has also been boosted by growing expectations that the Federal Reserve will cut interest rates soon, which is seen as supporting future energy demand prospects.
Technically, although fundamentals tend to support strengthening, indicator signals remain bearish. Data from Investing.com places the majority of indicators, such as the RSI, MACD, and moving averages, in the Sell to Strong Sell zone.
The nearest support is around US$67.14, and resistance is around US$68.08. This indicates that Brent prices could still come under pressure if they fail to break through key resistance, but geopolitical escalation remains a dominant factor that could prevent further declines.
Source: Newsmaker.id
