Oil Today: Oil Recovers After Decline
On Thursday, oil quotations show restrained growth after a wave of sales on the data on the growth of US oil reserves from the EIA. The main pressure on the cost of oil continues is provided by data on the growth of the level of oil production in the US to the level of 10.6 million barrels per day, which corresponds to the historic maximum.
Despite this, the oil quotations remain in the low-key downtrend, thereby adjusting after the upcoming April rally. In the end, this indicates the preservation of the potential for strengthening, despite the situation in the United States.
- The nearest resistance levels (signals to sell oil): for WTI – 68.50 and 69.00 $ per barrel, for Brent -744.50 and $ 75.00 per barrel.
- Support levels are (signals to buy oil): for WTI – 67.00 and 66.50 $ per barrel, for Brent – 73.00 and 72.50 $ per barrel.
Hanzenko Anton