Oil today: oil is under pressure
On Thursday, oil quotations are traded with a decrease, remaining under pressure of data on the growth of oil production in the US. The latest EIA report showed a record level of oil production in the US since 1970, which amounted to 10.25 million barrels per day. As a result, followed by a swift sale of oil.
At the moment, further reduction of the main oil grades is limited by the Fibonacci level of 23.6% from the June low of 2017. For Brent – 65.00 $, and for WTI – 61.00 $. The breakthrough of the levels in the future will indicate a deeper decline in the cost of oil.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 62.00 and 62.50 $ per barrel, for Brent – 65.50 and 66.00 $ per barrel.
- Support levels are: for WTI – 61.00 and 60.50 $ per barrel, for Brent – 64.50 and 64.00 $ per barrel.
Graph of WTI. Current price – 61.30 $
Graph of Brent. Current price – 65.00 $
Hanzenko Anton