Oil Nears Low, Market Focus on Hormuz Reopening
Oil prices held near three-month lows after the market assessed that the US-Iran deal could reopen the Strait of Hormuz and increase global supply. WTI moved below US$77 per barrel after falling 16% in four sessions, while Brent closed near US$79 per barrel.
The interim deal could potentially allow Iran to sell oil again, thereby reducing energy risk premiums and alleviating inflation concerns. However, the market is still awaiting confirmation of the signing on Friday, the mechanism for reopening Hormuz, the pace of Iranian exports, and official US oil stockpile data. (asd)
Oil Price at the Time of Release of This Analysis is at $78.94
- Buy if the price moves to $79.36
- Sell if the price moves to $79.06
Resistance 2: $79.79
Resistance 1: $79.49
Support 1: $78.89
Support 2: $78.59
Note: This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on your trading before making any investment decisions.
Source: Newsmaker.id