Oil Overshadowed by Middle East Risks

Oil prices are still supported by concerns about global supply disruptions, especially due to geopolitical tensions in the Middle East which have the potential to disrupt energy distribution channels. Risks to supply keep risk premiums high, while markets continue to monitor developments in strategic areas such as the Strait of Hormuz and the Red Sea. This condition is a restraining factor for oil prices even though pressure from the demand side is still looming.

On the other hand, the oil outlook is also influenced by the direction of global central bank policy and world economic conditions. A weaker dollar and expectations of easing monetary policy could provide support for commodities, but concerns about a slowdown in the global economy and energy demand remain the main risks. Going forward, oil movements will depend heavily on the balance between supply risks and the strength of global demand.(mrv)

Brent price at the time this analysis was released: $103.86

- Buy if the price moves to $103.91

- Sell if the price moves to $103.81

Resistance 2: $104.63

Resistance 1: $104.27

Support 1: $103.54

Support 2: $103.17

Note: This article is analytical and not a definitive reference. Please influence the impact of fundamental and technical developments on trading before making any investment decisions.

Source: Newsmaker.id