Brent Corrects, Hormuz in Focus
Brent oil prices corrected downwards at the start of the week on Monday (May 4). Pressure arose after US President Donald Trump stated he would help neutral vessels exit the Strait of Hormuz, easing market concerns about supply disruptions.
However, Brent's decline remained limited as the US-Iran conflict remains unresolved. The Strait of Hormuz remains a crucial chokepoint for global oil supply, while OPEC+'s plan to raise its June production target also added to the downward sentiment in prices. (gn)
Oil prices at the time of this analysis were released were: $108.14
- Buy if the price moves below $108.43
- Sell if the price moves below $107.82
Resistance 2: $109.34
Resistance 1: $108.73
Support 1: $107.51
Support 2: $106.90
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