Oil today: oil is recovering on positive expectations

After very volatile trading on Tuesday, oil prices are gradually recovering amid positive expectations. So, the main drivers of oil strengthening are the API data, which showed a slight increase in oil reserves in the US over the past week, which, in turn, causes very optimistic expectations from the upcoming EIA report.

Also, oil was supported by data from China, according to which the load of Chinese oil refineries rose at the beginning of the year, and oil production in China declined, which may indicate an increase in demand in the oil market. But the rapid appreciation of the cost of oil is not expected, because it is unknown about the size of oil reserves in China.

Also, the attention of the oil market is focused on the monthly OPEC report and the EIA report, which will be released today. At the same time, the general dynamics of oil continues to remain a descending and limited recent highs.

Recommended for reading: Technical analysis of oil and not only!

• The nearest resistance levels (signals for sale of oil): for WTI – 61.80 and 62.30 $ per barrel, for Brent – 65.50 and 66.00 $ per barrel.
• Support for the mark (signals for buy of oil): for WTI – 60.60 and 60.00 $ per barrel, for Brent – 64.50 and 64.00 $ per barrel.

WTI Graph. Current price – 61.00 $

Brent Graph. Current price – $ 64.90

Hanzenko Anton