Oil today: oil undergoes correction phase

After the morning rising rally, oil quotations went into the correction phase due to the oversold and technical unloading. The oil market has already taken into account the implementation of sanctions against Iran. Now, the market’s attention shifts to the data on oil reserves in the US from the EIA. Decrease in oil reserves in the US may resume the growth of oil prices, but the growth of oil will still be limited without proper correction, which may be expressed as a flat, or a restrained decline to the levels of support.

• The nearest resistance levels (signals to sell oil): for WTI – 71.00 and 71.50 $ per barrel, for Brent -77.00 and 78.00 $ per barrel.
• Support levels are (signals to buy oil): for WTI – 70.00 and 69.00 $ per barrel, for Brent – 76.00 and 75.50 $ per barrel.

Hanzenko Anton