Oil Today: Oil Recovers After Decline
On Friday, oil quotes are traded with a strengthening on the correction after yesterday’s decline, receiving support from the data that North Korea and the United States are ready to sit at the negotiating table. At the same time, the main concerns about oil remain restrainedly negative against the background of data on the growth of oil production and reserves in the US.
The oil market also expects data on employment in the US, which will have a significant impact on the dynamics of the US currency. Its growth, in turn, could put pressure on oil. Also, the oil market expects data on the number of drilling rigs in the US, the number of which remains at a three-year high, thereby maintaining the potential for increased drilling activity in the United States.
Recommended for reading: Technical analysis of oil and not only
- The nearest resistance levels: for WTI – 61.00 and 61.50 $ per barrel, for Brent – 64.50 and 65.00 $ per barrel.
- Support levels are: for WTI – 60.00 and 59.50 $ per barrel, for Brent – 63.30 and 63.00 $ per barrel.
Graph of WTI. Current price – 60.50 $
Graph of Brent. Current price – $ 64.10
Hanzenko Anton