Oil today: oil is under pressure correction
After the publication of optimistic data on the reduction of oil reserves in the United States and the growth of oil prices, oil quotations remain under pressure of correction, which is mainly caused by concerns about the negative start of European stock exchanges and the flight of investors from risks. At the same time, oil quotations are more optimistic in preserving the uptrend and an increase in global demand, which is supported by a reduction in production of OPEC + countries.
The main driver of the oil market, as well as the market in general, remains the dynamics of the US currency, which largely depends on the overall dynamics of the market. Also, the oil market is now awaiting publication of data on drilling activity in the US, which may give an idea of the possibility of increasing oil production in the United States.
Recommended for reading: Technical Analysis of Oil
- The nearest resistance levels: for WTI – 63.50 and 64.20 $ per barrel, for Brent – 67.00 and 68.00 $ per barrel.
- Support levels are: for WTI – 62.00 and 61.50 $ per barrel, for Brent – 65.00 and 64.50 $ per barrel.
Graph of WTI. Current price – $ 62.40
Graph of Brent. Current price – $ 65.90
Hanzenko Anton