Oil today: oil remains under pressure of production growth in the US

On Thursday, oil quotes remain at the level of the opening day, while remaining under pressure of rising oil production in the US. Thus, the latest EIA report showed an increase in oil production to the level of 10.369 million barrels per day, which meets new highs. But, on the other hand, oil reserves in the US remain very restrained, showing an increase of 2.4 million barrels per week.

In addition to the negative sentiment in the oil market caused by the increase in production in the US, additional pressure on oil is restoring the American currency on correction after the decline. This can significantly increase the pressure on oil quotes.

Recommended for reading: Technical analysis of oil and not only.

• The nearest resistance levels: for WTI – 61.50 and 62.20 $ per barrel, for Brent – 64.60 and 65.00 $ for barrel.
• Support levels are: for WTI – 60.50 and 60.10 $ per barrel, for Brent – 63.50 and 63.10 $ per barrel.

Graph of WTI. The current price is 61.10 $.

Graph of Brent. The current price is 64.20 $.

Hanzenko Anton