Oil today: oil grows due to the maintainance of optimism
On Wednesday, oil quotations are traded with strengthening. The strengthening of oil prices is caused by the data on the possibility of renewing sanctions against Iran, which will cause a reduction in oil supplies from the Middle East. Also support for oil prices is provided by the API data on oil reserves in the US, which showed a significant reduction in crude oil reserves over the past week.
Today there will be a report on the level of production and oil reserves in the US from the EIA. This report is expected to confirm the optimistic data API. At the same time, the fear of increasing oil production in the US persists. And if the decline in oil reserves in the US is not confirmed, the oil quotes will be under pressure. At the same time, from a technical point of view, oil quotes formed the figure of a “double bottom”, which indicates a further rise in oil prices.
Recommended for reading: Technical analysis of oil and not only
- The nearest resistance levels (signals to sell oil): for WTI – 63.00 and 63.40 $ per barrel, for Brent – 67.00 and 67.50 $ per barrel.
- Support levels (signals to buy oil): for WTI – 62.50 and 62.10 $ per barrel, for Brent – 66.50 and 66.00 $ per barrel.
Graph of WTI. Current price – $ 62.90
Graph of Brent. Current price – $ 66.90
Hanzenko Anton