Will sanctions stabilize oil prices amid rising supply?
Fundamental Perspective:
Crude oil prices face downward pressure as US production rises, fueling concerns over an oversupply. Recent data showing a significant increase in stockpiles has only intensified these worries. However, tightening sanctions on key oil suppliers and price hikes from major producers offer some support, helping to cushion the price decline. Geopolitical factors, including ongoing trade tensions, add layers of uncertainty, though the direct impact on global energy imports remains limited.
Technical Perspective:
USOIL extended its decline following a breakout of the ascending trendline. If the price sustains its bearish momentum, a further decline toward the following support at 69.00 may occur. Conversely, a close above 72.00 could prompt a further rise to the following resistance at 75.00.
Author: Li Xing Gan, CMT, CFTe,
Financial Market Strategist Consultant to Exness
Crude oil prices face downward pressure as US production rises, fueling concerns over an oversupply. Recent data showing a significant increase in stockpiles has only intensified these worries. However, tightening sanctions on key oil suppliers and price hikes from major producers offer some support, helping to cushion the price decline. Geopolitical factors, including ongoing trade tensions, add layers of uncertainty, though the direct impact on global energy imports remains limited.
Technical Perspective:
USOIL extended its decline following a breakout of the ascending trendline. If the price sustains its bearish momentum, a further decline toward the following support at 69.00 may occur. Conversely, a close above 72.00 could prompt a further rise to the following resistance at 75.00.
Author: Li Xing Gan, CMT, CFTe,
Financial Market Strategist Consultant to Exness
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