Oil Rebounds Slightly, Eyes on Hormuz
Oil prices edged higher on Friday (June 19) after previously recording a significant weekly decline. Brent rose above US$80 per barrel, while WTI for August delivery hovered around US$77 per barrel. This increase occurred as several oil vessels began to resume movement through the Strait of Hormuz following the interim peace agreement between the United States and Iran.
Market-wise, the current oil rally is still seen more as a technical rebound after sharp selling pressure. Room for price increases remains limited as the market awaits confirmation that shipping flows in Hormuz have truly returned to normal. If oil distribution becomes smoother, prices could potentially come under further pressure. However, if tensions in the Middle East escalate, oil could still benefit from a geopolitical risk premium. (asd)
Oil Price at the Time of Release of This Analysis is at $79.71
- Buy if the price moves to $80.01
- Sell if the price moves to $79.36
Resistance 2: $81.07
Resistance 1: $80.42
Support 1: $79.12
Support 2: $78.47
Note: This article is analytical and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id