Oil today: oil is under pressure of the IEA report
On Thursday, oil quotations are trading at the opening level of the day after the decline on Wednesday. In addition to the general negative sentiments about oil, the pressure on oil quotations was provided by IEA. Negative sentiments in the IEA report is mainly related to the expectation of an increase in supply in the oil market due to exports from the US, despite the limitations of OPEC. As a result, the IEA report has a very negative tone and indicates an increase in supply over demand.
The oil market reacted very cautiously to this report, but at the same time kept the downward dynamics of oil, which remains the third day.
Recommended for reading: Technical analysis.
- The nearest resistance levels: for WTI – 57.00 and 57.40 $ per barrel, for Brent – 63.50 and 64.30 $ per barrel.
- Support levels are: for WTI – 56.50 and 56.20 $ per barrel, for Brent – 62.30 and 61.90 $ per barrel.
The WTI chart, current price is 56.50 $.
The Brent chart, current price is 62.50 $.
Hanzenko Anton