Oil today: oil is near three-year highs
Oil quotations are traded near the three-year highs after the next growth based on maintaining optimism to reduce world oil production in accordance with the OPEC agreement and reducing the number of drilling rigs in the US over the past week. So, the upward dynamics of oil gets support from the continued optimism in the market, which is supported by the positive dynamics of stock indices and the expectation of data on the reduction of oil reserves in the US.
Today, at the end of the day, crude oil reserves in the US will be published by API. Due to weather conditions the reduction is expected. If the expectations are confirmed this will be the sixth reduction of crude oil reserves in a row.
Recommended for reading: Technical Analysis
- The nearest resistance levels: for WTI – 62.50 and 63.00 $ per barrel, for Brent – 68.50 and 69.00 $ per barrel.
- Support levels: for WTI – 61.50 and 61.00 $ per barrel, for Brent – 67.30 and 66.50 $ per barrel.
WTI chart, current price – $ 61.90
Brent chart, current price – $ 67.80
Hanzenko Anton