Brent Plummets from $100, Diplomacy Hopes Shift Risk Premium
In global markets, Brent also fell sharply, plummeting 6.2% to around US$98 per barrel, as the market picked up on signs of hope for de-escalation after US President Donald Trump indicated a push for a deal with Iran. Reuters reported that Trump appeared determined to end hostilities, having previously postponed a planned attack on Iranian power plants for five days and said talks with Iranian officials had yielded a "major point of agreement." However, the diplomatic path remains fragile, with Iran reportedly preferring to negotiate with Vice President JD Vance, adding to uncertainty about the direction of the ceasefire.
Additional pressure came from US supply data. The API report showed US crude oil inventories rose by 2.3 million barrels for the week ending March 20, against the consensus estimate of a 1.3 million barrel decline. The market now awaits the official EIA release on Wednesday for confirmation of the inventory direction. US WTI crude oil prices weakened and traded around US$86.85.
The oil price at the time of this analysis was released was at: $98.23
- Buy if the price moves below $93.23
- Sell if the price moves below $103.23
Resistance 2: $99.597
Resistance 1: $98.913
Support 1: $97.323
Support 2: $96.417
Disclaimer:
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
