Oil today: oil remains in the correction phase

On Monday, oil is traded with a slight decrease in the growth of drilling activity in the US and correction after growth. So, over the past week, the number of drilling rigs in the US has grown to around 820 units, in March 2015. Also in the April report, the EIA raised the forecast for oil consumption for 2019 to 11.29 million barrels per day, which led to an increase in optimism in the oil market despite the growth of drilling activity. At the same time, oil is more limited to correction, but it keeps the upward trend.

Recommended for reading: Technical analysis of oil and not only

• The nearest resistance levels (signals to sell oil): for WTI – 68.50 and 69.00 $ per barrel, for Brent -74.00 and 74.60 $ per barrel.

• Support levels are (signals to buy oil): for WTI – 67.50 and 67.00 $ per barrel, for Brent – 73.00 and 72.50 $ per barrel.

Hanzenko Anton