Prices Stabilize on Multiple Factors
Brent crude oil is holding firm above the $60 per barrel mark, supported by a combination of supply disruptions and ongoing geopolitical tensions in key producing regions.
Supply Disruptions
Production outages in Libya and ongoing maintenance at several North Sea platforms have tightened physical crude supplies, providing a floor for spot prices.
Geopolitical Premium
Tensions in the Middle East continue to add a risk premium to oil prices, with traders pricing in potential supply disruptions from the region that accounts for roughly one-third of global seaborne crude.
Markets are increasingly focused on supply security rather than demand concerns - Goldman Sachs commodity analyst
Technical Outlook
Chartists note that maintaining support above $60 is crucial, with resistance expected near the $65 level. A break above could open the path toward $70 in the medium term.