Oil Consolidates, Conflict, and Sanctions Policy Determine Direction
Oil prices held steady on Monday as the market weighed two opposing forces: US and Iranian threats to target energy facilities, potentially escalating the war, versus additional supply after Washington temporarily eased sanctions, allowing millions of barrels of Iranian oil on tankers to enter the global market.
Brent was virtually unchanged at US$112.88 per barrel, while WTI rose to US$98.98. Analysts attributed the initial downward pressure to low liquidity and short-term profit-taking, but volatility remained high as the future direction depends heavily on the escalation of the conflict and the smooth flow of additional supply.
The oil price at the time of this analysis was released was at: $112.86
- Buy if the price moves below $107.86
- Sell if the price moves below $117.86
Resistance 2: $113.05
Resistance 1: $112.97
Support 1: $112.77
Support 2: $112.65
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
