The United States has released its oil inventory data at 9:30 PM WIB tonight, delivering unexpected results. The data reveals a stock increase of 7.07 million barrels, significantly surpassing the market’s estimate of a decrease of -2 million barrels. This figure also exceeds the prior report, which recorded an inventory of 3.845 million barrels. The substantial spike in inventory suggests a potential oversupply in the market, prompting traders to react with selling actions. Consequently, oil prices plummeted sharply to $67.72 following the announcement of the data.
From a technical perspective, this price drop may trigger continued bearish pressure in the short term, especially if prices fail to maintain levels above the psychological support area around $67.50–$67.00. However, should a technical rebound occur from the current support area, alongside external factors like global supply disruptions or geopolitical tensions, oil prices might retest the nearest resistance zone at $68.50–$69.00. For now, the negative sentiment stemming from higher-than-anticipated inventory data remains the primary driver influencing market direction.
Recommended
Recommended
Recommended
Recommended
