Oil Falls Slightly, Focus on Hormuz and Iraqi Exports
Oil prices weakened in Asia after Iraq agreed to resume exports via the Kurdistan pipeline to the Turkish port of Ceyhan, reducing dependence on the Strait of Hormuz. Brent fell 0.8% to US$102.64 per barrel, while WTI fell 1% to US$94.89.
However, the market remained cautious as Hormuz was considered to remain effectively closed and the risk of conflict increased after the US attacked Iranian anti-ship missile targets and Iran confirmed the death of Ali Larijani. Rising energy prices also keep attention on the impact of inflation ahead of the Fed's interest rate decision, which is expected to remain unchanged. (asd)
Oil prices at the time of this analysis were released were at: $102.03
- Buy if the price moves below $102.24
- Sell if the price moves below $101.86
Resistance 2: $102.98
Resistance 1: $102.51
Support 1: $101.52
Support 2: $101.13
Note: This article is analytical in nature and is not a definitive reference. Please consider the influence of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
