Oil today: oil grows on the growth of optimism
On Thursday, oil quotations are traded with a slight increase, despite the growth in production and oil reserves in the US. The strengthening of the cost of oil was caused by the data on compliance with the OPEC agreement to limit oil production and general forecasts for the growth in demand for oil, which eventually had a noticeable support to oil quotes.
Despite the continuation of the overall upward dynamics in oil, a significant overbought of oil and a slowing of the existing uptrend may act as a limiting factor. As a result, correction or trading in a sideways trend is possible. Also, the market continues to assess the growth in oil production in the US, which is still ignored by the growth in demand for oil.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 65.50 and 66.00 $ per barrel, for Brent – 70.50 and 70.50 $ per barrel.
- Support levels are: for WTI – 65.00 and 64.50 $ per barrel, for Brent – 69.00 and 68.50 $ per barrel.
WTI chart, current price – 65.10 $
Brent chart, current price – $ 69.40
Hanzenko Anton