Oil prices rose to $62 after the US seized a sanctioned tanker off Venezuela and Ukraine attacked Russian "shadow fleet" vessels, adding to the geopolitical risk premium. Venezuela holds the world's largest oil reserves, while recent data showed US crude stockpiles fell by 1.8 million barrels, providing some support for prices.
However, from a fundamental perspective, analysts still see the shadow of a "super glut" due to rising OPEC+ and US production, which could potentially exceed demand. Therefore, although geopolitical tensions are lifting prices in the short term, many market participants expect Brent to remain stuck in the $60–$65 per barrel range with relatively limited room for upside. (asd)
The oil price at the time of this analysis was $62.36.
Disclaimer: This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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