Oil prices held steady on Tuesday (December 30), with Brent hovering around $62 per barrel and West Texas Intermediate (WTI) above $58. Geopolitical tensions, such as those between Venezuela, Russia, and Iran, supported prices, despite concerns about a global oversupply. Venezuela began shutting oil wells due to a US blockade, resulting in full oil storage. Meanwhile, Trump confirmed a US attack on Venezuelan facilities and vowed to attack Iran if the country continues its nuclear program.
Despite geopolitical pressure, global oil production continues to rise, with OPEC+ increasing output to regain market share. The oversupply is further evident with the increasing amount of oil stored on tankers that have been idle for more than seven days. In the US, data showed that crude oil stocks at Cushing, Oklahoma, saw their largest increase since October. However, the market remains anticipating further data from the API and the US government to clarify oil stockpiles shifts in the coming weeks. (az)
The oil price at the time of this analysis was $61.77.
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
Gold prices (XAU/USD) edged higher above $4,350 in early European trading on Tuesday (December 30), recovering from a 4.5% drop in the previous session—the biggest daily decline since October. This pr...
Silver prices stabilized on Tuesday after their biggest drop in five years, holding above $72 per ounce after dropping 9% in the previous session. The decline was triggered by technical indicators sug...
Gold prices (XAU/USD) fell slightly in the Asian session on Monday (December 29th) after previously reaching a record high of around $4,550 per ounce. This correction was triggered by profit-taking ah...
Oil prices rose in early Asian trading as tensions between the US and Venezuela escalated, according to a research note from analysts at Nanhua Futures. They cited S&P data showing a decline in ta...
Silver prices are currently trading above $74.49 per ounce in the US session on Friday (December 26th), extending a remarkable rally that began several months ago, fueled by geopolitical tensions and ...
Geopolitical tensions in Latin America are escalating again, particularly regarding Venezuela and pressure from US policies. This situation has prompted the BRICS countries to take cautious but strategic steps, with a primary focus on maintaining...
The Federal Open Market Committee (FOMC) meeting, which will be held tomorrow morning, is a major focus for global financial markets. Investors are awaiting new guidance from the US central bank regarding the direction of interest rates and future...
The Hang Seng rose 219 points, or 0.9%, to end at 25,855 on Tuesday, reversing prior losses with broad-based sector gains. Tech stocks led the rally, up 1.7% on strong moves from SMIC (4.5%), Horizon Robotics (3.3%), Trip.com (1.9%), and Kuaishou...
Global stocks held near record levels, while silver briefly hit a new peak before breaking its closing high amid quiet holiday trading. Asian stock...
President Donald Trump held a phone call with Russian President Vladimir Putin on Monday to discuss efforts to end the war in Ukraine, according to...
President Donald Trump said the US attacked a facility inside Venezuela, which would be a significant escalation in his campaign against alleged...
Stocks fell on Monday, driven by losses in the technology sector, after the S&P 500 hit a record high last week.
The S&P 500 fell 0.3%,...