Oil today: oil is under pressure
On Friday, oil quotations are traded at the opening day, remaining under pressure. Negative sentiments in the oil market, in addition to the general collapse of the stock indices, are caused by the increase in oil production in the US, which set a record, and the statement by the representative of Iran about the intentions to increase oil production. Thus, over the next four years, Iran is going to increase production to 4.7 million barrels per day, which has worried oil investors against the background of increased oil production in the United States.
Such actions can bring the fragile balance of supply and demand in the oil market from equilibrium. At the same time, oil quotations are traded with negative, but limited to significant levels of support.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 60.80 and 61.40 $ per barrel, for Brent – 65.00 and 65.60 $ per barrel.
- Support levels are: for WTI – 60.30 and 60.00 $ per barrel, for Brent – 64.00 and 63.50 $ per barrel.
Graph of WTI. Current price – 60.40 $
Graph of Brent. Current price – $ 64.30
Hanzenko Anton