Oil today: oil updates its highs
At the auction on Tuesday, oil quotes remain trading with strengthening against the backdrop of rising tensions in the Middle East. An additional factor in the strengthening of oil was data on the possibility of extending the OPEC arrangement by the end of 2018. As a result, the annual maximum was renewed by the main oil brands.
The general strengthening of oil prices also indicates the achievement of a balance of supply and demand. But, today the API data on oil reserves in the US come out, which can cause the growth of volatility in the market. Also, the upward dynamics of oil is limited to significant psychological levels, which will be difficult to overcome for the market without significant drivers.
Recommended for reading: https://esterholdings.com/en/category/tehnicheskij-analiz/ and https://esterholdings.com/en/2017/11/03/oil-current-news-15/
- The nearest resistance levels: for WTI – 57.50 and 58.00 $ per barrel, for Brent – 64.50 and 65.00 $ per barrel.
- Supported levels: for WTI – 57.00 and 56.00 $ per barrel, for Brent – 63.50 and 63.00 $ per barrel.
Hanzenko Anton