Oil today: oil is in anticipation of EIA data
On Wednesday, oil quotations demonstrate a decrease in the growth of risks caused by the decline in stock exchanges and the pessimistic report by API. So, the last API report showed a significant increase in the US oil reserves over the past week by 5.3M barrels, which, against the backdrop of the growth in drilling activity in the US, seriously worried the oil market. Also today, the EIA report will be published, from which it is expected a restrained decline in oil reserves. If these expectations are met, oil will get support and return to annual highs, which will also cause optimism in the market. Otherwise, one should expect the update of the lows of the last week.
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 -69.90 and $ 70.30 per barrel.
- Support levels (signals to buy oil): for WTI – 64.50 and 64.00 $ per barrel, for Brent – 69.00 and 68.60 $ per barrel.
Graph of WTI. Current price – $ 64.70
Graph of Brent. Current price – $ 69.80
Hanzenko Anton