Oil today: oil keeps rising sentiments
On Monday, oil remains optimistic because of the geopolitical risks and reduction of oil reserves in the US. So, the latest data on drilling activity in the US showed a decrease in the number of drilling rigs in the US by 6 units, and weekly oil reserves remain very low-key. At the same time, geopolitical risks remain in the Middle East and concerns about the US trade war, which also positively affects oil.
At the same time, both brands of oil remain near the upper boundary of the rising channel, which may indicate overbought and limited recent highs. At the same time, it should be noted that oil continues to maintain an uptrend and is limited to last week’s lows.
Recommended for reading: Technical analysis of oil and not only
- The nearest resistance levels (signals to sell oil): for WTI – 65.50 and 66.00 $ per barrel, for Brent -70.20 and 70.50 $ per barrel.
- Support levels are (signals to buy oil): for WTI – 64.70 and 64.20 $ per barrel, for Brent – 69.30 and 68.50 $ per barrel.
Graph of WTI. Current price – $ 64.90
Graph of Brent. Current price – $ 69.40
Hanzenko Anton