Oil Prices Show Resilience As War, Sanctions, And Market Nerves Shape Global Outlook
(MENAFN- The Rio Times) Oil prices stayed firm on September 15 after a tense week shaped by war, sanctions threats, and cautious moves from producers. Brent crude traded near $67.16 a barrel while WTI held close to $62.92, according to official data.
These figures matter to global business because both benchmarks set the tone for fuel prices everywhere, from airline tickets to household bills.
A Ukrainian drone strike on a key Russian refinery shook the market overnight. This event raised fears about the security of vital oil flows from Russia, one of the world's major exporters.
Western leaders warned of more sanctions, making traders and companies nervous about future supply disruptions. At the same time, the OPEC+ group of oil producers increased output only slightly, hoping not to flood the market or cause prices to plunge.
Their careful approach signaled a wait-and-see attitude that matched market caution. Price charts confirm that both Brent and WTI moved within narrow bands all week.
As traders watched the headlines, volatility dropped and Bollinger Bands compressed-classic signs of indecision and short-term stability. Key support stood at $66.99 for Brent and $62.55 for WTI.
Resistance appeared at $67.86 and $63.79. Volume climbed modestly as traders repositioned, but nobody rushed to make big bets.
Common technical indicators agreed: The MACD lines hovered around zero and didn't flash strong buy or sell signals. The Relative Strength Index (RSI) floated between 48 and 55, meaning prices were neither too high nor too low.
The Global Liquidity Index, marked by the yellow line, ticked downward, suggesting that big investors grew more careful and pulled back some money from the oil market, instead waiting for clearer signals.
On the fundamentals side, nothing dramatic happened with daily production. Russia and the United States kept their output steady, and OPEC+ made only small adjustments.
U.S. gasoline demand underperformed expectations, which cooled some of the excitement. Investors watching oil -linked funds (ETFs) put in only a bit of new money, another sign of caution.
This combination of news resulted in a nervous pause. Traders, energy companies, and investors are alert for the next big move, but most prefer to wait out the uncertainty.
Rising risks from the war and talk of sanctions balanced against lukewarm demand and stable output. For business readers around the world, this steady but tense equilibrium underscores the oil market's critical role in both economic and geo-political stability.
These figures matter to global business because both benchmarks set the tone for fuel prices everywhere, from airline tickets to household bills.
A Ukrainian drone strike on a key Russian refinery shook the market overnight. This event raised fears about the security of vital oil flows from Russia, one of the world's major exporters.
Western leaders warned of more sanctions, making traders and companies nervous about future supply disruptions. At the same time, the OPEC+ group of oil producers increased output only slightly, hoping not to flood the market or cause prices to plunge.
Their careful approach signaled a wait-and-see attitude that matched market caution. Price charts confirm that both Brent and WTI moved within narrow bands all week.
As traders watched the headlines, volatility dropped and Bollinger Bands compressed-classic signs of indecision and short-term stability. Key support stood at $66.99 for Brent and $62.55 for WTI.
Resistance appeared at $67.86 and $63.79. Volume climbed modestly as traders repositioned, but nobody rushed to make big bets.
Common technical indicators agreed: The MACD lines hovered around zero and didn't flash strong buy or sell signals. The Relative Strength Index (RSI) floated between 48 and 55, meaning prices were neither too high nor too low.
The Global Liquidity Index, marked by the yellow line, ticked downward, suggesting that big investors grew more careful and pulled back some money from the oil market, instead waiting for clearer signals.
On the fundamentals side, nothing dramatic happened with daily production. Russia and the United States kept their output steady, and OPEC+ made only small adjustments.
U.S. gasoline demand underperformed expectations, which cooled some of the excitement. Investors watching oil -linked funds (ETFs) put in only a bit of new money, another sign of caution.
This combination of news resulted in a nervous pause. Traders, energy companies, and investors are alert for the next big move, but most prefer to wait out the uncertainty.
Rising risks from the war and talk of sanctions balanced against lukewarm demand and stable output. For business readers around the world, this steady but tense equilibrium underscores the oil market's critical role in both economic and geo-political stability.
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