Oil today: oil is traded with the strengthening, despite the decline in stock indices
On Friday, oil is traded with strengthening on the statement of the representative of Saudi Arabia that the agreement on limitation of production in OPEC can be extended until 2019. These rumors were perceived very optimistically by the oil market, despite the general flight of investors from the risks of aggravating trade relations between the US and China.
Despite optimistic statements, oil remains under pressure of correction and overbought, which may intensify. An additional factor in reducing the cost of oil is also the formation of the figure “double top”, the development of which will indicate a more significant decrease in oil.
Recommended for reading: Technical analysis of oil and not only
- The nearest resistance levels (signals to sell oil): for WTI – 65.00 and 65.40 $ per barrel, for Brent – 69.50 and 69.90 $ per barrel.
- Support levels are (signals to buy oil): for WTI – 64.20 and 63.80 $ per barrel, for Brent – 68.50 and 68.00 $ per barrel.
Graph of WTI. Current price – $ 64.40
Graph of Brent. Current price – $ 68.90
Hanzenko Anton