Oil prices rose slightly on Monday, recovering slightly from a decline of around 4% last week. Brent traded around $61.22 per barrel and WTI at $57.67, boosted by concerns about supply disruptions due to escalating US-Venezuela tensions and Ukraine's attack on Russian oil refineries, although the market remains gripped by concerns about oversupply.
Venezuelan oil exports reportedly plummeted following the seizure of a tanker and new US sanctions, while Baker Hughes data showed the number of oil and gas rigs in the US has fallen again. At the same time, Russia-Ukraine peace talks have the potential to increase Russian supply to the global market if sanctions are eased, leaving oil prices caught in a trade-off between supply risks and oversupply concerns. (asd)
Oil price at the time of this analysis was $61.22.
Disclaimer: This article is analytical in nature and not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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