Oil Falls Again—Focus Shifts to India & OPEC/IEA Outlook
Oil prices remained weak ahead of the US session on Monday (February 9), continuing last week's correction. The market began to "let go" of the Middle East risk premium after the US and Iran agreed to resume indirect talks, so concerns about near-term supply disruptions were less severe.
Update ahead of the US session (9:16 PM WIB / 2:16 PM UTC): WTI was at $63.23 (-0.50%) and Brent was at $67.75 (-0.44%) (quotes were delayed by approximately 11 minutes).
From Oman, last Friday's negotiations were deemed "quite positive" and were considered a step forward by the Iranian side. President Donald Trump also said there would be a follow-up meeting this week, further strengthening market confidence that diplomacy is still on track—at least to prevent a rapid escalation scenario.
However, the risks have not completely disappeared. The Strait of Hormuz remains a vulnerable point as it is vital for global oil flows, and Iran's strong statements about a military response if attacked also keep traders on high alert. So prices are down, but still "resilient" enough to prevent a deep plunge.
Beyond geopolitics, market focus is shifting to other supply issues: Russia-India flows and projection updates from energy agencies (OPEC/IEA/US forecasters), which can often change market sentiment within a day. So, ahead of the US session, oil is in a tug-of-war phase: easing tensions are putting pressure on prices, but global supply factors are providing a cushion.
Source: Newsmaker.id
