Oil today: oil is waiting for data by the API

At the auction on Tuesday, oil quotations are trading above zero, despite pessimistic expectations for the growth of oil reserves in the US, which increased significantly in the past week. Today at the end of the day will be the publication of data on oil reserves by the API. Given the recent increase in oil reserves, the market expects that the upcoming report will be negative and will increase pressure on oil quotes.

But there is also a continuation of optimism in the market caused by the expectation of the OPEC meeting, which is likely to extend the pact on limiting world oil production. As a result, the main oil brands are trading in an upward trend, more inclined to optimism, caused by the expectation of an extension of the agreement to limit world oil production by OPEC members and countries outside the cartel.

Recommended for reading: Technical analysis.

• The nearest resistance levels: for WTI – 57.00 and 57.50 $ per barrel, for Brent – 63.00 and 63.50 $ per barrel.
• Support levels: for WTI – 56.00 and 55.50 $ per barrel, for Brent – 61.50 and 61.00 $ per barrel.

Brand Brent

WTI Brand

Hanzenko Anton